Confidence on smaller caps building up

Buying activities returned as the FBM KLCI closed above the 1,600 level predominantly supported by the local institutions.

“We believe this will eventually instill some confidence on the smaller caps thus expect the daily volume to improve going forward.

“Hence, we reckon the index to hover within the 1,600-1,615 range today as market undertone remains on a cautious mode,” says Rakuten Trade.

Meanwhile, escalating tension in the middle east and more positive US economic data saw crude oil prices firming as the Brent crude topped almost the USD81/barrel.

    Staff Writer

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