Lookout for Banks and Telcos Stocks

The FBM KLCI stayed above water despite a weak regional performance underpinned by buying support from foreign funds.

“For today, we reckon the local bourse to maintain its rebound following a sell-down in end-October thus expect the index to trend between the 1,440-1,455 range with buying to focus on the Banks and Telcos.

“Meanwhile, Brent crude continued to slide on news of higher inventory to close at below the USD93/barrel mark,” says Rakuten Trade.

FBM KLCI closed marginally higher. The benchmark index gained 0.34% or 4.84 points higher to 1,446.19. Gainers were led by MAYBANK, PMETAL, and SIMEPLT. Market breadth was positive with 425 decliners against 404 advancers while 401 counters remain unchanged. Total volume stood at 3.07bn shares valued at RM1.72bn.

Stocks: Wall Street Slumped

Wall Street slumped following recent sharp gains as profit taking activities emerged instigated by the indecisive mid-term US election results coupled with a crypto sell-off. As a result, the DJI Average declined by 647 points while the Nasdaq lost 263 points as the US 10- year yield closed marginally lower at 4.1%.

Key regional markets closed mostly lower. Nikkei 225 lost 0.56% to end at 27,716.43 while STI gained 0.63% to 3,165.50. HSI and SHCOMP lost 1.20% and 0.42% to end at 16,358.52 and 3,048.17 respectively.

Wall Street closed sharply lower as investors remain cautious awaiting the US mid-term election results. The DJIA lost 1.95% to end at 32,513.94. S&P500 and Nasdaq slumped 2.08% and 2.48% to end at 3,748.57 and 10,353.17 respectively.