The FBM KLCI rebounded by 0.3%, ending a six-day losing streak, led by gains in the Technology sector (+0.6%) as the US finalised restrictions on investments in China’s semiconductor and AI industries. Meanwhile, the Property sector (-0.7%) lagged.
Globally, US markets mostly rose, with the Nasdaq hitting a record high, driven by positive earnings from Alphabet. However, European markets closed lower as investors weighed recent corporate earnings. In Asia, markets were mixed, with Japan’s Nikkei continuing to climb after the recent election.
Outlook: Despite the KLCI’s rebound, local sentiment remains weak, with continued net selling by foreign funds and more losers than gainers. Anticipation around local earnings, US employment data, and the upcoming US presidential election adds to global market volatility. The Technology sector is expected to perform well, benefiting from positive tech earnings, while the Energy sector may face pressure due to lower oil prices.
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