Banking Sector May Benefit From The Interest Rate Upcycle

The banking sector may benefit from the interest rate upcycle environment as investors may also favour REITs amid the uncertain market sentiment, Malacca Securities said in a note

It said that on the contrary, growth stock may take a back seat today given the overnight plunge in Wall Street.

On the local market, it said that the FBM KLCI (+1.2%) staged a strong rebound with more than two-thirds of the KLCI components marched higher and the key index recorded its third straight winning streak.

It said that the lower liners also extended their lead, while the broader market ended broadly higher except for the technology sector (-1.2%).

On the foreign markets, the stockbroking firm said that volatility strikes again on Wall Street as the Dow (-1.6%) slipped amid lingering concern over the state of the economic outlook after the consumer confidence data in June 2022 fell sharply to 98.7, from 103.2 in May 2022.  Both the European and Asia stock markets, however, finished mostly upbeat.

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