Back home, the FBM KLCI declined to below the 1,610 level amid selling across the board. We believe foreign funds were the main culprits as countries within the ASEAN region were not spared either.
Plantation Stocks
“Looking ahead, we expect a swift rebound to happen thus anticipate the index to trend within the 1,610-1,620 range today. Interestingly, crude palm oil price continues to chart YTD high as the futures is currently hovering at RM5,200/tonn,” says Rakuten.
Wall Street closed firmer with the DJIA surging to another record high as the post-election euphoria continues.
Meanwhile, the US 10-year yield eased to 4.306%.
Hong Kong
Over in Hong Kong, the HSI slumped 300 points as traders were disappointed on the stimulus package totalling USD835bn announced last Friday. Hence, the sell-down on Property and Tech related stocks on the back of more tariffs on China’s exports going forward.
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