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PETALING JAYA: The FBM KLCI ended at an intraday high yesterday, spurred by positive investor sentiment, better regional market performance and Wall Street’s overnight rally.
At 5pm, the local stock market had risen 20.49 points or 1.39% to 1,491.2.
Rakuten Trade head of equity sales Vincent Lau said the local bourse could hit 1,500 points by the end of the week, especially if Wall Street continues its uptrend.
He said the market seems to have bounced off the bottom and could potentially even reach 1,600 points by year-end.
In the United States, stocks soared after Federal Reserve (Fed) chairman Jerome Powell suggested that the central bank could slow down the pace of its hikes, following the 75-basis-point interest rate increase to tame the hotter-than-expected inflation.
Rakuten Trade head of equity sales Vincent Lau said the local bourse could hit 1,500 points by the end of the week, especially if Wall Street continues its uptrend.
With pressure from the rising rates by the Fed, Lau believes Bank Negara would have to raise the overnight policy rate or OPR by 25 basis points, at least.
Lau said investors should look at the banking and technology sectors at this time.
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He said rising interest rates would directly benefit the banking sector.
Lau said multiple multinational corporations’ plans to expand will directly benefit the local technology sector.
The United States’ tech-heavy Nasdaq Composite Index was up by more than 4%, finishing slightly above 12,000 points.
This was its biggest one-day jump since April 2020.
Regionally, major Asian markets were higher, owing to the possible slowdown in the pace of US interest rate hikes.
The Singapore Straits Times Index rose 0.48% to 3,220.65; South Korea’s Kospi added 0.82% to 2,435.27; Japan’s Nikkei 225 gained 0.36% to 27,815.48; and China’s SSE Composite Index rose 0.21% to 3,282.58 points.
Hong Kong stocks, however, dropped as the monetary authority raised rates by 75 basis points, in lockstep with the Fed hike.
The Hong Kong Hang Seng Index slipped 0.23% to 20,622.68.
Among the heavyweights, Malayan Banking Bhd rose five sen to RM8.85, Public Bank Bhd gained four sen to RM4.64, CIMB Group Holdings Bhd advanced six sen to RM5.28, Petronas Chemicals Group Bhd
