Foreign funds to maintain push for local equities
The FBM KLCI continued with its uptrend to close almost the 1,540 mark attributed to some late buying activities.
“We expect foreign funds to maintain the accumulation of local equities, taking advantage of the low valuations of both stocks and currencies within the SEA region,” says Rakuten.
Foreign Funds
Though a correction is anticipated anytime soon, we suspect it’s only for a short period hence expect the index to hover within the 1,535-1,545 range today with interests possibly on the construction utilities stocks.
FBM KLCI closed higher, in tandem with the positive performance across the region. The benchmark index was up 0.33% or 5.06 pts to 1,538.61.
Sectors-wise, property (+0.7%), and plantation (+0.6%) registered moderate gains while losers were seen in utilities (-0.9%), and construction (-0.7%).
Market breadth was mixed with 417 gainers against 554 losers while 459 were unchanged. Total volume stood at 3.48bn shares valued at RM2.07bn.
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