The FTSE Bursa Malaysia KLCI (FBM KLCI) closed flat today as the market appeared to be digesting Friday’s strong performance.
Market participants displayed a more cautious tone, as evidenced by the decline in daily trading volume, with many traders remaining on the sidelines.
As a result, the index is expected to hover within the 1,680-1,690 range in the near term.
Despite the cautious undertone, foreign fund accumulation in local stocks is anticipated to persist. This follows a relatively strong third-quarter 2024 corporate earnings season, which could prompt some upgrades in earnings growth forecasts for the calendar year 2024.
This sustained interest from foreign investors may provide some support to the market in the coming days.
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