An overnight rebound in US technology stocks provided a boost to Asian markets, but gains in the Malaysian stock market were limited. Investors remained cautious about the global economic outlook and local corporate earnings. Regional markets showed mixed performances.
Asian stock markets generally rose on Friday, driven by an overnight 1.5% gain in the US Nasdaq index. Hong Kong's Hang Seng Index climbed 0.8%, and Singapore's Straits Times Index also recorded a 0.5% increase. However, the FTSE Bursa Malaysia KLCI's gains were relatively limited, initially rising 0.1% before turning negative due to profit-taking in tech stocks. Despite positive external factors, local investors appeared more focused on upcoming corporate earnings and domestic economic data. Analysts noted that while strong performances from global tech giants like Nvidia boosted sentiment, the Malaysian market remained constrained by concerns over slower local economic growth and vigilance against high inflation. The local market is expected to continue consolidating in the absence of new catalysts.
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