Market Outlook: The FBM KLCI is expected to remain tepid as investors stay cautious, awaiting signs of recovery. However, the recent rebound may provide temporary relief.
The index is anticipated to hover between 1,550 and 1,570, with corporate earnings releases and potential tariff changes driving market sentiment.
Investors watch
Investors are also watching the US second estimate of Q4 2024 GDP growth for further direction.
Sector Focus: Defensive sectors like REITs and financials remain attractive for their dividend yields and stability. Meanwhile, improved CPO prices and strong earnings from planters may spur interest in the plantation sector.
Technical Outlook
The FBM KLCI formed a bullish engulfing candle, signaling a possible recovery as it nears the SMA50 level. The MACD Line remains above the Signal Line, and the RSI has recovered above 50, indicating strengthening momentum. Immediate resistance is at 1,600, while support is at 1,550.
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