The FBM KLCI pared earlier losses but remained in negative territory as the market undertone has turned cautious despite an improving regional performance.
“Nonetheless, we expect a swift rebound for the index to avoid a prolonged consolidation. Therefore, we anticipate the index to trend within the 1,435-1,445 range today as broad-base accumulation may emerge,” says Rakuten Trade.
Crude Oil Stocks
Meanwhile, the easing of crude oil prices should also lend some welcome reprieve attributed to additional supplies from Venezuela as the Brent crude dipped to US$88/barrel from US$93/barrel last week.
FBM KLCI pared earlier losses as bargain-hunting activities emerged when it hit its day low at 1,430.15. The benchmark index slipped 0.17% or 2.47 pts to close at 1,435.65. Sectors that ended positively were construction (+1.4%), technology (+1.0%), and utilities (+0.9%) while losers were seen in plantation (-0.2%), and consumer (-0.1%).
Market breadth was positive with 511 gainers against 348 losers. Total volume stood at 2.94bn shares valued at RM1.94bn.
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