FBM KLCI up on bargain hunting


(July 9): The FBM KLCI rose with Asian shares today and as investors bargain hunted for Malaysian after substantial losses on Friday.

Today, the KLCI opened 0.1 point higher at 1,663.96 at 9am. At 9:07am, the KLCI rose 0.73 point to 1,664.59. On Friday, the KLCI fell 26.79 points to close at 1,663.86.

Today, Holdings Bhd wrote in a note : “The local market should suffer further losses early this week following last Friday’s severe selloff, which saw momentum indicators weakening further and trend indicators signaling a continuation of the current bearish trend.”

“Fears over rising global trade tensions as responded to US’ aggressive trade war should see investors staying cautious, until a compromise is reached, when the market may then stage technical rebound from extreme oversold conditions,” TA said.

Source: The Edge

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