MALAYSIAN shares are expected to open slightly higher today after undergoing a mild correction yesterday as gains in US stocks overnight provide the excuse to push prices up further.
“There might still be some traders who will be tempted to take profits. That will then give the others who missed the boat a chance to get into the market,” said an institutional dealer at a local investment bank.
He said it is too early to say if the economic slowdown has bottomed as indicators are still mixed.
“It’s still early days in the (corporate) earnings season too, but so far, some companies have announced positive surprises,” he said.
US stocks rose yesterday as investors returned to financial and technology shares on bets the recent rally could have more room to grow after a brief pullback.
The Dow Jones industrial average added 46.43 points, or 0.56 per cent, to 8,331.32. The Standard & Poor’s 500 Index gained 9.15 points, or 1.04 per cent, to 893.07. The Nasdaq Composite Index climbed 25.02 points, or 1.50 per cent, to 1,689.21. - Reuters
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