KUALA LUMPUR: Bursa Malaysia's key FBM KLCI has declined by 50 points over the past five days but bargain hunting is nowhere to be seen as sentiment has turned cautious.
Therefore, Rakuten Trade reckons the index to trend within the 1,460-1,475 range today and expects some interests to returned on energy stock with the Brent crude now hovering at above the US$101 per barrel.
"We also expect some rebound on the plantation stocks as yesterday's
selling could be a bit overdone with the crude palm oil ended higher to above RM4,300/tonne," the firm wrote today.
"The FBM KLCI declined further on Wednesday as selling gathered momentum in the afternoon session especially on plantation stocks," it added.
Yesterday, the FBM KLCI continued to trend lower amid heavy selling on regional equities.
The benchmark index fell by 1.03 per cent or 15.31 points to end at 1,467.26.
Market breadth was negative with 506 losers against 359 gainers. Total
volume stood at 2.11 billion shares valued at RM1.5 billion.