FBM KLCI rises after Deepavali break

KUALA LUMPUR: The FBM KLCI rebounded after the holiday weekend on the back of Wall Street's optimism over corporate earnings.
Expectations of robust third-quarter US corporate earnings fuelled investor risk appetite which took all three major US indices over 1% higher.
The FBM KLCI , which had slipped in the pre-holiday session, opened 4.06 points higher at 1,611.78 as bargain-hunting activities emerged.
However, TA Securities cautioned over negative indications in the technical outlook.
"The local benchmark index is likely to continue consolidating with a downside bias in the near term, as technical momentum and trend indicators turn increasingly negative.
"Broader market sentiment remains subdued, with investors awaiting clearer catalysts before any meaningful recovery
can materialise," it said in a market commentary.
Externally, it said investor sentiment is likely to stay cautious, with market participants holding back on major trading decisions ahead of key US tech earnings reports and the outcome of China's Fourth Plenum this week, which could provide greater clarity on the economic trajectories of
the world's two largest economies.
On the blue-chip index, Nestle jumped RM1.70 to RM106.70 while Tenaga Nasional gained 14 sen to RM13.24 and 99 Speed Mart rose six sen to RM3.24.
Most active counters included EA Holdings, unchanged at 0.5 sen, CFM up one sen to 1.5 sen and PA rising one sen to 18 sen.

Sumber : thestar.com.my