Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Sept 22): The FBM KLCI could recover and trend sideways today in line with the firmer overnight close at most global markets.

Wall Street and European stocks rebounded more than 1% on Monday in rallies that, along with robust gains in the dollar and global oil markets, showed investors were tilting toward riskier assets, according to Reuters.

Gold, which benefits from investors' worries, fell back from a three-week high, it said.

After another day of general weakness in Asian stock markets, US equities bounced back from big losses last week, when the Federal Reserve's decision to keep interest rates near zero fanned worries about the health of the global economy, said Reuters.

At the local market, the FBM KLCI has gained some 26.7 points month-on-month in September thus far, recouping much of the sharp losses it had suffered along with the uncertainties surrounding the global economic growth.

Meanwhile, the ringgit firmed up slightly against the US dollar and was quoted at 4.2720.

The FBM KLCI could trend sideways with some bargain hunting in line with the overnight advance at the US and European markets.

Despite the lack of catalysts at the local markets, investors could possibly venture to pick up battered stocks and sustain the FBM KLCI above the 1,630-point level.

Recall that foreign investors turn net buyers and mopped up RM685 million last week, according to MIDF Research in its weekly fund flow report yesterday.

Sentiment at Bursa Malaysia had taken a beating given the opaque global outlook, but investor mood could improve with the upbeat close at Wall Street.

 

      Print
      Text Size
      Share