The FBM KLCI closed slightly higher amid on a cautious note in line with regional performance while
waiting for the US economic data.
“Nonetheless, we believe the market undertone to stay solid as accumulation of stocks continues thus expect the index to hover between the 1,600-1,610 range today.
“We also noticed that earnings reported so far have been encouraging and should act as a prelude for more strong earnings ahead,” says Rakuten.
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Foreign Market
Wall Street ended on a mixed note as traders remain wary from a host of economic indicators which are due
out namely the producer price index by today and the consumer price index tomorrow.
As a result, the DJIA lost 81 points while the Nasdaq rebounded by 47 points with the US 10-year yield remaining stagnant at 4.49%. Over in Hong Kong, the HSI breached the 19,000 level to a 9-month high as optimism on loosening restrictions on the property sector and improving corporate earnings.
Meanwhile, the latest weak credit data from China also prompted hopes of a possible cut in lending rates.
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