Market: Buying will still prevail

The FBM KLCI closed slightly lower after a superb opening as selling emerged, limiting the ongoing uptrend.

Market trend

“Nonetheless, we remain adamant that buyers would still prevail hence expect the benchmark index to chart further upside.

“In view of the recent conclusion of earnings season, we noticed slight upgrades of estimates at 17% for 2024 and around 10% for 2025, showing that corporate Malaysia is still in good health hence expect the index to hover within the 1,605-1,615 range today,” says Rakuten.

Wall Street

Wall Street declined as traders are looking at November’s CPI data later today, that may influence the Fed’s decision on interest rates next week. Meanwhile, the US 10-year yield inched higher at 4.228%.

HSI

In Hong Kong, the HSI ended lower after it opened on a high above the
21,000 level. However, the uptrend was short-lived as traders decided to lock-in profits following the recent mini rally and looking for more concrete evidence during the
key economic policy meeting later this month. Back home,

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