Bullish market but caution is advised on potential risks with the looming threat of a US recession and geopolitical tensions while "Investors tread cautiously"
The FBM KLCI closed higher as stock accumulation persists despite some profit-taking activities. FBM KLCI continued to climb for the third consecutive day amid optimism for a Fed rate cut.
The benchmark index gained 0.29% or 4.74 pts to close at 1,623.12.
“We reckon buying interests may be gaining momentum as daily traded volume surpassed the 5bn shares level. As such, we believe the index to hover between the 1,620-1,630 range today,” says Rakuten Trade.
Majority of sectors were positive with construction (+2.7%), property (+2.1%), and telecommunications (+0.9%), leading the gains; while losers were seen in energy (-0.1%), and plantation (-0.1%). Market breadth was positive with 761 gainers against 478 losers while 471 remained unchanged. Total volume stood at 5.39bn shares valued at RM4.41bn.
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