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. Observers reckoned that the local stock market could be “oversold” and it is due for a “rebound” especially with economic recovery expected to pick up in the second half. “The market has been oversold and a technical rebound is expected, ” he told StarBiz. He pointed out that the decline in the local stock market is in line with the soft regional markets yesterday. Despite the weakness in the market, stocks of the Berjaya group of companies gained more than 20% and were on the top actively-traded stocks.

Source: The Star March 31, 2021 23:26 UTC