Bucking the regional uptrend move, the FBM KLCI harboured a mild loss as banking-propelled rallies ran out of steam on the back of mild profit taking activities. Meanwhile, the Wall Street rebounded higher as the US inflation rate came in within expectation at 7.0% YoY. Hence, with the recent continuous buying from foreign funds into our local exchange, we expect sentiment will remain sturdy and the FBM KLCI should revisit the 1,600 level in the near term.
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Read MoreThe FBM KLCI extended its winning streak to the third straight session despite cautious sentiment across the regional bourses, propelled by selected banking heavyweights. While investors may be bracing for interest rate hikes and uncertainties in new Covid-19 variant, we expect to see some recovery on the local bourse as sentiment may be lifted by the upcoming National Recovery Plan 2.0.
Read MoreThe FBM KLCI notched higher after shaking off earlier losses amid bargain hunting activities in selected banking and industrial products & services heavyweights. Tracking the performance on Wall Street, we expect market to open with a knee jerk selloff as market may price in further risk on interest rate hike environment. Nevertheless, we are optimistic that bargain hunting activities will return to support the heavyweights. Meanwhile, market players will be monitoring the release of US inflation rate tomorrow. Commodities wise, the CPO is trading near the RM5,000, while Brent oil is hovering above USD80.
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