Photo on Unsplash by Tommy Cox.
The FBM KLCI ended lower as selling persisted amid a declining regional performance.
“We believe trading pattern on the local bourse to be subdued today ahead of the release of the US personal
consumption expenditure data later today. Therefore, we expect the benchmark index to trend between the 1,580-1,590 range today.
“At current levels, the local bourse is trading at a reasonable 15x market PER as compared to the historical 16.5x thus may instigate some bargain hunting activities in due course,” says Rakuten Trade.
Crude palm oil (CPO) futures on Bursa Malaysia Derivatives ended higher on Thursday due to concerns over weaker future production.
Stronger soybean oil prices also boosted sentiment, with support at RM3,800 a tonne and resistance at RM3,980 a tonne.
CPO prices are trading between RM3,800 and RM4,500 a tonne due to weather disruptions and shipment delays. A forecast is for an average price of RM4,200/tonne, expecting higher prices in the second half of 2024 due to tighter supplies and improving demand.
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