Selling pressure on the local market is expected to ease, with potential bargain hunting emerging

The FBM KLCI continued its decline, with more than half of its key components closing in the red. Lower-tier stocks also fell, and the energy sector was the hardest hit, dropping 1.98% due to weaker crude oil prices.

Selling pressure on the local market is expected to ease, with potential bargain hunting emerging. Investors should focus on fundamentally strong stocks during this volatile period. A rate cut is anticipated, which may favor bullion investments. The consumer sector might also recover due to a stronger Ringgit and stable job market. Investors are watching for Malaysia’s industrial production data and the UK’s unemployment rate.

Global Markets: Wall Street closed higher as investors bought the dip ahead of an expected interest rate cut. European markets rebounded, while Asian markets fell after a disappointing U.S. jobs report.