After FBM KLCI's 40.62-point drop, investors may go bargain hunting

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KUALA LUMPUR (Feb 7): After the FBM KLCI's 40.62-point drop yesterday, investors may be keen to evaluate Malaysian stock valuations today as they look for bargain-hunting opportunities. Malaysian markets may also take cue from US stocks' overnight rise. 

In Malaysia today, such sentiment may prompt investors to look at various sectors' valuations and compare the numbers to specific companies' share prices after the equity market sell-down. Malaysian shares fell with global equities amid higher US bond yield concerns and US interest rate hike expectation.

Yesterday, the KLCI fell 40.62 points to 1,812.45 points. The intraday high and low were at 1,820.37 and 1,795.85 points respectively.

Overnight, Reuters reported that US stocks posted sharp gains in another wild trading session on Tuesday, as indexes rebounded from the biggest one-day drops for the S&P 500 and the Dow in more than six years that stalled the market's record run. The Dow Jones Industrial Average rose 567.02 points or 2.33% to 24,912.77, the S&P 500 gained 46.2 points or 1.74% to 2,695.14 and the Nasdaq Composite added 148.36 points or 2.13% to 7,115.88.