Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Feb 7): The FBM KLCI gained 26.76 points or 1.5% on bargain hunting after the global equity selldown. Malaysian markets may have also taken cue today from US stocks' overnight rise.

At 12:30pm today, the KLCI settled at 1,839.21 points after falling 40.62 points yesterday to 1,812.45 points. The KLCI fell yesterday with global equities amid higher US bond yield and US interest rate hike concerns.

In Malaysia today, CIMB Investment Bank Bhd cautioned that despite the KLCI's recovery, the index's 1,774-point level is a key level to watch.

"In our view, 1,774 points is a key level to watch as anything below this level would substantially reduce the odds of a strong rally in 2018F. A move below 1,708 would eliminate all bullish alternatives and confirm that the longer-term bear market that began in 2014 has resumed," it said in a note.

 

      Print
      Text Size
      Share