The FBM KLCI declined by 0.4% to end the week on a slightly lower note but still managed to close with a weekly gain of 0.7%.
Lower liner stocks continued their pullback, with only the Energy (+0.1%) and Plantation (+0.01%) sectors outperforming the broader market, which saw negative sectorial performance.
Energy and Plantation
Despite the key index’s dip last Friday, it is anticipated that bargain hunting may pick up today as investors respond positively to the dovish stance from Wall Street, where interest rate cuts appear likely.
The recent pullback has left many lower-liner stocks trading near oversold levels, potentially attracting investors.
In the final week of August, focus will remain on the peak of corporate earnings releases. Sector-wise, there are expectations the technology sector will follow Nasdaq’s lead from last Friday, while commodities-related stocks, particularly in oil & gas and plantation sectors, may benefit from recent recoveries in crude oil and crude palm oil prices.
Read more Business News
Leave a Reply
You must be logged in to post a comment.