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The FBM KLCI fell by 0.7%, diverging from the generally positive regional market trends as foreign funds shifted their focus to China and Hong Kong. Lower liner stocks also decreased, with the Utilities sector dropping 1.4%, while the Industrial sector gained 0.3%.
In global markets, US stocks had mixed results; the Dow Jones reached a record high, while the Nasdaq and S&P 500 slipped slightly due to weak inflation data. European and Asian markets were buoyed by optimism over new stimulus measures from China.
Looking ahead, bargain hunting in the local market is anticipated today as funds may return with China’s markets closed for a holiday. However, volatility is expected due to key upcoming US labor data, which could influence economic outlook amid a downcycle in interest rates. Investors are advised to be cautious, especially with export-oriented tech companies as the MYR strengthens against the USD, and to avoid oil and gas stocks due to falling oil prices and increased supply expectations.
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