The highlight of the week was the surging US 10-YR yields that put pressure on global equities and India was resilient, but no different. The markets went on to test key support levels on the weekly charts and experienced a technical rebound from there.
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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.
PETALING JAYA: The local benchmark index has plunged to below 1,600 points, dragged down by glove stocks, in what observers called an oversold market.
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.
This was prior to the announcement of the country’s multi-trillion-dollar stimulus plan.