Wall Street and Malaysia stock market
The FBM KLCI failed to maintain above the 1,620 mark after a positive opening as sellers came out in force amid a rather weak regional performance.
Though this is deemed a healthy market correction, we believe the index needs to re-test the 1,620 level as soon as possible before the ongoing consolidation is prolonged. “Therefore, we expect the index to trend between the 1,615-1,625 range today,” says Rakuten Trade.
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FBM KLCI closed marginally lower predominantly from the lack of fresh catalysts. The benchmark index was down 0.15% or 2.45 pts to close at 1,615.82.
Majority of sectors were negative with utilities (-1.7%), telecommunications (-1.2%), and technology (-1.0%) leading the losses; while gainers were seen in consumer (+0.1%), and financial services (+0.1%). Market breadth was negative with 824 losers against 352 gainers. Total volume stood at 4.87bn shares valued at RM3.8bn.
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