The FBM KLCI remained stuck within its downtrend channel to close near the 1,650 level. We reckon the prevailing market weakness can be due to the ongoing probe by MACC on YTL’s related company. For the week, YTL Corp shed 16% while YTL Power lost 10%.
Better trading day?
“Though this is temporary, we believe sentiment remains in cautious mode as depicted by the low volume traded of 2bn shares last Friday.
“Nonetheless, we hope the debut of 99 Speedmart today will inject some excitement to the local bourse.
“For today, we expect the index to hover within the 1,650-1,660 range,” says Rakuten.
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