Sneaking Stocks Out of the Sky This Weekend

thecekodok

 Investors' expectations that the Federal Reserve (Fed) of the United States (US) will slow rate hikes based on weak inflation readings have driven the local market to jump to 1,460.


At the opening, the FBM KLCI index started up 17.45 points at 1,467.19 before rising 13.67 points at 1,463.41 compared to Khmais closing at 1,449.74.


In the broader market, gains at 357 offset losses at 63, while 177 counters were unchanged, 1,745 untraded and 30 suspended.


Total revenue at 281.68 million units worth RM114.07 million.


According to Rakuten Trade Sdn Bhd, the weak reading of US inflation and the return of investor confidence has pushed the local index to break through the important level of 1,450 and today's trading range is expected to be between 1,450-1,460.



In addition, technology-themed stocks are expected to be preferred based on the excellent performance of the Nasdaq yesterday.


Heavyweight stocks saw Axiata Group Bhd rise 7 sen to RM2.93, Digi.Com Bhd added 6 sen to RM3.89, Maybank jumped 2 sen to RM8.66 and Public Bank Bhd fell 2 sen to RM4.45.


Active stocks saw XOX Bhd remain flat at 2 sen and Advance Synergy Bhd flat at 13 sen, Top Glove Corp Bhd up 2.5 sen at 91 sen, Artroniq Bhd up 5 sen at 62.5 sen and Aimflex Bhd gained 0.5 sen at 16 sen.


On the index board, the FBM Gold index jumped 105.03 points at 10,376.04, the FBM Emas Shariah index fell 134.75 points at 10,458.64, the FBM 70 added 158.00 points at 12,294.03, the FBMT 100 index gained 102.72 points at 10,111.26 and the FBM ACE rose 105.76 points at 55.55.


In terms of sectors, the transport and logistics index rose 10.39 points at 821.94, the Products and Services index added 1.30 points at 176.07, the Plantation index rose 29.05 points at 6,860.43, the Financial Services index jumped 93.53 points at 16,420.36 and the Energy index gained 5.73 points at 716.29.

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