Yesterday’s selloff in the market presents a potential opportunity for bargain hunters, with anticipation building for the upcoming Budget 2025 announcement on Friday.
A recovery is expected, with Malaysian factors such as Anwar’s comments on GST and the Sabah government’s civil servant pay hike boosting investor confidence. However, US earnings performance and key economic data, such as retail sales and industrial production, remain concerns for investors.
Bargain hunters
The FBM KLCI closed lower (-0.6%) in line with regional markets, with Consumer Products & Services showing strength (+0.6%) while Industrial Products & Services lagged (-0.9%).
Globally, US stock markets closed higher due to corporate earnings focus, while European markets were mixed, and Asian markets were generally negative due to weak earnings, with notable drops in Japan’s Nikkei (-1.8%) and South Korea’s Kospi (-0.9%). China’s SSE rose (+0.1%), while Hong Kong’s HSI slipped (-0.2%).
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