Subdued trading expected as as CNY weekend approaches

Estimate Reading Time: < 1 minute

KUALA LUMPUR: The domestic market is expected to move sideways as investors vacate their desks for the extended Lunar New Year weekend.


However, on the back of Wall Street’s positive performance overnight, there could be selective trading opportunities riding on the improved sentiment, said Apex Securities Research in a note.

US markets remained bullish as the S&P500 skirted the 5,000 level following the release of unemployment data, which came in slightly below expectations.

Malacca Securities Research said the US market is focusing on the solid earnings season, which boosted the overall sentiment and offset the expected delay in highly anticipated interest rate cuts by the Federal Reserve.


“Given this scenario, Wall Street may be supported in the elevated environment at least for the near term,” it added in a review.

At the opening bell, the benchmark FBM KLCI was up 1.46 points to 1,513.82.

Blue chips were mostly higher including Genting up three sne to RM4.84, Hong Leong Bank adding four sen to RM19.04, Press Metal rising three sen to RM4.65 and Tenaga climbing four sen to RM10.82.
Top actives included TWL unchanged at four sen, Reneuco down 0.5 sen to 6.5 sen and Revenue up one sen to 21.5 sen.

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/capitalp/public_html/wp-includes/functions.php on line 5373