Bullish market but caution is advised on potential risks with the looming threat of a US recession and geopolitical tensions while "Investors tread cautiously"
The FBM KLCI ended flat as overall sentiment remains cautious and Rakuten says volume of trade has shrunken this week.
“We noticed daily volume traded has shrunk to previous levels averaging around 3bn shares depicting the lack of trading interests especially from the retailers.
“However, as buying from foreign funds continues, this hopefully may cascade down to the smaller cap stocks.
“For today, we expect the benchmark index to hover
within the 1,510-1,520 range,” it says.
FBM KLCI closed flat amidst a subdued trading day due to lack of fresh catalyst ahead of the Chinese New Year long weekend.
The benchmark index ended up 0.01% or 0.13 pts to close at 1,513.11. Gainers were seen in utilities (+1.30%), technology (+0.16%), and REIT (+0.10%); while
losers were seen in telecommunications (-1.05%),
property (-0.91%), and health care (-0.71%).
Market breadth was negative with 552 losers against 385 gainers. Total volume stood at 3.04bn shares valued at RM2.08bn.
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