KUALA LUMPUR: Foreign selling of Malaysian equities eased on Thursday with net selling dwindling to a low of –RM9mil on Thursday as the FBM KLCI notched its third day of gains.
BIMB Securities Research data showed local retailers decided to take profit as their net selling climbed to –RM30.1mil. However, local institutions were net buyer at RM39.1mil.
The research house said though the KLCI closed on a firm note on Thursday, up 1.35% to 1,601.7, “we expect the local market to remain negative in the short to medium term amid the global slowdown with immediate support at 1,590 followed by the critical 1,500".
Overnight on Wall Street, US stocks closed higher as China showed signs that measures to stabilise its economy and stock market may be taking hold.
However, the DJIA saw volatile trading throughout the day before closing at 16,654.77, as the DJIA added 2.27% or 369.26 points, with all 30 members of the blue-chip index trading higher.
While in Europe, markets ended sharply higher, as US and Asian markets rebounded and oil prices rocketed, BIMB Research said.
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