The FBM KLCI closed with minor gains as bargain hunting activities emerged amid easing worries following the tentative deal formed over US debt ceiling. Investors may see further relief in the market in anticipation of the lifting of US debt ceiling this weekend. Meanwhile, higher-than-expected US consumer spending which suggested the economy remains resilient has kept the Brent crude oil price on a recovery move, hovering above USD77 per barrel. Meanwhile, the CPO price hovered above RM3,500.
Read MoreThe FBM KLCI booked marginal gains after enduring a volatile session following the softer CPI data for Malaysia in April 2023. In light of the brighter outlook of US debt-ceiling deal, bargain hunting activities may emerge on the local bourse, tracking the rallies on Wall Street last Friday. Investors may also monitor Malaysia’s and US S&P Global Manufacturing PMI, as well as US unemployment rate this week.
Read MoreThe FBM KLCI remained subdued on the back of persisted selling pressure in the banking and plantation heavyweights. We believe bargain hunting activities may emerge on the local bourse as the US economy showed no signs of recession following the release of higher-than-expected GDP data for 1Q23. Meanwhile, Malaysia’s inflation rate will be in focus today.
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