Wall Street and Malaysia stock market
The FBM KLCI (+1.1%) marched sharply higher, powered by gains in 26 out of 30 key index components yesterday.
The lower liners also extended their lead amid the positive market breadth with more than 900 gainers against more than 300 decliners.
Meanwhile, all 13 major sectors closed higher, with the Construction sector (+4.7%) taking the lead once again.
“With the FBM KLCI re-claiming the 1,600 pts, we expect the key index may build onto yesterday’s performance,” says analysts.
The prospects of US interest rate cuts along with the return of foreign funds may continue to buoy sentiment with the lower liners continue to capitalise onto the recent streak of positive sentiment.
Meanwhile, investors will be keeping a close tab onto UK’s general election later today. Amidst the extended gains on Nasdaq, we expect the positive sentiment to trickle towards technology sector.
“We also favour the Construction sector amid the string of positives from mushrooming of data-center related projects, while the energy sector may step up from the higher oil prices (Brent oil at two-month high),” says Apex Research.
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