The FBM KLCI edged higher yesterday but is expected to remain in a consolidation phase amid cautious market sentiment.
Key focus this week includes the upcoming US December nonfarm payrolls report.
Foreign funds movements
Foreign funds are likely to continue as net sellers due to a lack of strong catalysts, but this trend may reverse as Malaysian stocks remain attractively valued.
Sector Highlights
• Technology: Expected to gain traction, benefiting from Wall Street’s optimism on artificial intelligence and the resilient USD, which supports export-oriented stocks.
• Construction: Momentum likely to continue, driven by positive sentiment surrounding the Johor-Singapore Special Economic Zone (JS-SEZ).
Technical Outlook
• The FBM KLCI rebounded after three days of losses, supported by bargain hunting.
• Indicators remain positive, with the MACD above the Signal Line and RSI above 50.
• Key levels: Resistance at 1,645, support at 1,600.
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