Wall Street and Malaysia stock market
The local bourse opened higher on Wednesday morning, as the latest data out of the US show support for rate cuts.
The US posted weaker-than-expected labour market data on Tuesday.
At 9:10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.23 per cent, gaining 3.68 points to reach 1,619.08, up from yesterday’s close of 1,615.40.
The broader market stayed positive with 309 gainers outnumbering 192 losers, while 327 counters remained unchanged.
FBM KLCI sprinted past the 1,610 mark as we deemed the selling on the local bourse has been overdone last week.
“We believe the buying to be foreign induced thus expect this to continue enabling the benchmark index to break out from its recent consolidation. Therefore, we believe the index to hover between the 1,620-1,630 range today. Meanwhile, it will be interesting to note if the ECB will reduce interest rates later today,” says Rakuten.
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