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 (+0.18%) recorded its third-day winning streak as the key index couped most of its weekly losses to -0.22%. The lower liners, however, turned volatile as profit-taking sapped into sentiment. Meanwhile, the Technology sector (-1.74%) underperformed with 75% of the sector components closed in red.
Wall Street ended mixed with the Dow adding 0.56%, but the S&P 500 and Nasdaq shed -0.88% and -2.05% respectively following the plunge in Nvidia and Netflix with the latter brushed off the stellar financial performance and announced the discontinuation to report quarter subscriber data. Both the European and Asia stockmarkets closed mostly negative on escalating tensions in the Middle East.
“With renewed volatility roiled global markets, we reckon downside may prevail over the interim. Still, we reckon the downside will be cushioned by the improving economic data on the local front. Looking ahead, investors will be keeping a close tab on the on-going quarterly financial reporting season on Wall Street with more than half of the “Magnificent Seven” reporting their earnings this week.
“Amidst the volatile market sentiment, we advocate investors to stay defensive whereby we continue to favour gold-related stocks that is riding onto higher gold prices. Elsewhere, the technology sector may languish in the red, potentially taking cue from the weakness on Nasdaq last Friday,” say analysts from Apex Research.
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