Wall Street Rallies on US-Venezuela Developments; KLCI Closes Above 1,680

Global markets displayed mixed reactions amid escalating geopolitical tensions following the US military action in Venezuela.

Despite widespread international criticism, Wall Street closed broadly higher as traders celebrated the developments, anticipating benefits for US companies, particularly in the energy segment. The US 10-year Treasury yield eased slightly to 4.155%.

Venezuela Developments

In Asia, Hong Kong’s Hang Seng Index ended flat in a muted session, with traders looking beyond prevailing geopolitical risks while maintaining cautious sentiment.

Back home, according to Rakuten Trade, “the FBM KLCI closed positively at just above the 1,680 mark as buying support from local institutions persisted.” Analysts remain hopeful, stating: “We remain hopeful that the solid display by the blue chips may eventually encourage liquidity to cascade down to the smaller cap space.” At present, retailers continue to stay sidelined due to the absence of fresh catalysts.

For today, Rakuten Trade expects “the index to gyrate within a range of 1,675-1,685 with an eye to breach the 1,700 thresholds anytime soon.”

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