Market oversold, technical rebound expected

  • 📰 staronline
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 75%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The local benchmark index has plunged to below 1,600 points, dragged down by glove stocks.

Rakuten Trade head of equity sales Vincent Lau told Stabiz that he expected the market to stage a rebound on positive news such as FTSE Russell removing Malaysia from a watch list of possible exclusions and expectations of a higher economic growth.

The weakness in the local market was in line with its regional peers which also saw declines, largely due to the surge in US government bond yields and a strengthening US dollar.Observers reckoned that the local stock market could be “oversold” and it is due for a “rebound” especially with economic recovery expected to pick up in the second half.

He pointed out that the decline in the local stock market is in line with the soft regional markets yesterday. The FBM KLCI fell more than 40 points before closing 35.68 points lower to 1,573.51 points dragged by glove and consumer products counters.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines