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 ended lower after a solid opening attributed to some profit taking activities and impacts from the sharp drop in Hong Kong equities.
Nonetheless, we reckon this is only an intermittent correction and will not distract recent inflows of foreign funds thus recent dips offer excellent opportunities to bargain hunt.
“For today, we believe the index to hover within the 1,510-1,520 range with interests on the Financials and Plantation counters to persist,” says Rakuten.
FBM KLCI closed lower as profit taking activities emerged following the recent rally. The benchmark index was down 0.17% or 2.64 pts to close at 1,512.75.
The majority of sectors closed lower with plantation (-0.7%), energy (-0.5%), and industrial products & services (-0.5%) leading the losses; while gainers were seen in utilities (+0.9%), and construction (+0.8%).
Market breadth was negative with 622 losers against 383 gainers. Total volume stood at 3.78bn shares valued at
RM2.64bn.
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