game nft kiếm tiền（www.vng.app）:Relief rally forecast on 75-basis point US increase
PETALING JAYA: Bursa Malaysia is not likely to experience any major movements until the US Federal Reserve’s (Fed) meeting in mid-week, despite being dragged down by lower Asian markets yesterday on the back of Wall Street’s lower handover from last week.
Trident Analytics chief research officer Peter Lim Tze Cheng believes the market outlook is all about expectation and actual outcomes.
“If the Fed interest rate hike meets market expectation, then the market should have a positive breather, but if the hike is more aggressive than expected, Bursa Malaysia and other markets are likely to see more weakness,” he said.
Having a similar view, Rakuten Trade head of equity sales Vincent Lau expects a relief rally if the Fed’s interest rate hike tomorrow meets market expectations of a 75-basis point rise.
The benchmark FBM KLCI fell 15.8 points or 1.08% to 1,451.5 points yesterday, as nervous investors sold off counters like PPB Group Bhd, Maxis Bhd, MISC Bhd, IHH Healthcare Bhd and Press Metal Aluminium Holdings Bhd.
Meanwhile, money flowed into defensive stocks like Malayan Banking Bhd, CIMB Group Holdings Bhd, Petronas Dagangan Bhd and Petronas Gas Bhd ahead of the Fed Federal Open Market Committee or FOMC meeting’s outcome.,
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Lim believes anything is possible for the market, including the FBM KLCI going lower than the 1,400-point level at this point of time with the bearish sentiment.
Lau, however, thinks the FBM KLCI will hold above the 1,400-point level.
This is owing to the resilient gross domestic product (GDP) growth in the first half of 2022 (1H22).
The economy expanded by 8.9% in the second quarter, bringing the 1H22 average GDP growth to 6.9%.
With that, Lau believes the benchmark FBM KLCI’s year-to-date low of 1,408 points on July 14, 2022 would remain as this year’s low.
Lim and Lau said investors were eyeing banking and technology stocks, as the interest rate hike would benefit the banking sector with higher interest margins while the technology sector enjoyed steady growth in investments in new fabrication facilities to meet the growing demand for tech solutions and products.
The higher rate expectations saw the ringgit/US dollar pair weaken to RM4.5485 yesterday, with Lim anticipating the local unit’s weakening will make the local equity market relatively more attractive to foreign funds.