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 market closed relatively flat on Wednesday impacted by the cautious sentiment across the region. Analysts remain vigilant and expect the benchmark index to stay in consolidation mode at this juncture until more clarity surfaces.
“Thus, we anticipate the FBM KLCI to trend within the range of 1,510-1,520 for today,” says Rakuten.
FBM KLCI closed marginally higher amid cautious sentiment ahead of the closure of Bursa Market for Federal Territory Holiday.
The benchmark index up 0.02% or 0.23 pts to close at 1,512.98. Majority of sectors were negative with technology (-1.6%), utilities (-0.7%), and consumer (-0.6%) leading the losses; while gainers were seen in energy (+1.8%), and REIT (+0.9%) and health care (+0.7%).
Market breadth was negative with 635 losers against 401 gainers. Total volume stood at 3.67bn shares valued at RM2.86bn.
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