Market sentiment remains positive - Photo: Bursa Malaysia
On Tuesday, the FBM KLCI also retraced but maintained above the crucial 1,620 level ahead of Wesak Day break.
“Daily volume was still decent at around 5.8bn units and if this continues to improve, we are confident to see heightening participation, especially from the retail segment.
“In view of the robust earnings report from Nvidia after the market as reflected by the positive reaction in Nasdaq futures, we believe sentiment to stay resilient and expect buying activities within the SEA region to continue thus expect the benchmark index to hover between the 1,620-1,635 range today,” says Rakuten.
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On Tuesday, gainers were seen in technology (+0.6%), and REIT (+0.5%). Market breadth was negative with 726 losers against 470 gainers. Total volume stood at 5.43bn shares valued at RM4.27bn.
Wall Street retreated as the latest minutes from the Federal Reserve indicated persistent high inflation with
no cuts in rates anytime soon.
As a result, the DJIA lost 202 points while the Nasdaq declined 32 points as the US 10-year yield eased marginally to 4.426%.
In Hong Kong, the HSI took a breather to close marginally lower as sentiment turned cautious ahead of some big tech corporate earnings namely Meituan and Lenovo.
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