Bullish market but caution is advised on potential risks with the looming threat of a US recession and geopolitical tensions while "Investors tread cautiously"
The FBM KLCI (+0.2%) rebounded buoyed by buying support in the heavyweight counters, ahead of BNM OPR decision that is expected to be release this Thursday. On the other hand, the lower liners fell on profit taking, while the Technology sector (+1.3%) outperformed among its sectorial peers.
Wall Street remained flat despite Fed Chairman Jerome Powell struck a moderately dovish tone in his commnts on rates outlook. European stock markets slipped following the political uncertainty in France, while Asia Pacific stock markets recovered.
“While the FBM KLCI managed to tick higher owing to mild buying support, we foresee the benchmark to hover within the 1,600 to 1,630 level. Likewise, the lower liners may trend within rangebound pattern as investors awaits fresh catalyst. Key focus lies onto the on-going release of US corporate earnings.
“Economic wise, investors will be monitoring China inflation rate and PPI as well as Malaysia unemployment rate later today. We favour stocks which has large exposure in the export markets, premised on Malaysia becoming a member of the intergovernmental organisation, BRICS which will attract domestic and foreign traders. Meanwhile, the weakness in oil prices may negatively impact trading sentiment within oil & gas stocks,” say analysts.
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