Bargain hunting on local bourse expected

Analysts expect bargain hunting on local bourse as the index may hover within the 1,695-1,710 range today.

“We believe this offers an opportunity to bargain hunt hence expect the index to hover within the 1,695-1,710 range today,” Rakuten Trade says.

Bargain hunting

Yesterday the FBMKLCI closed sharply lower to below the 1,700 mark.

Recent selling spree within the local bourse has been surprising as we suspect foreign funds continued to lighten their position. Though fundamentals have not changed, we are curious about the selling of late.

Daily volume was again above the 5bn shares thresholds.

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