Photo on Unsplash by Tommy Cox.
The FBM KLCI continued to slide as it dipped to just above the 1,610 level despite a promising opening attributed to late profit taking activities by foreign funds again.
“We suspect recent outflows of foreign funds can be due to expectations of a smaller rate cut by the Federal Reserve, which also saw the MYR weakening against the greenback to currently RM4.36.”
All said, the crude palm oil (CPO) price is heading for a highest monthly average closing for October at RM4,391/tonne thus may see some focus on the Plantation stocks.
“For today, we expect the index to hover within the 1,610-1,620 range.” says Rakuten.
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