Malaysian stocks achieved a historic milestone, reaching RM2 trillion in market capitalization for the first time. The surge was fueled by gains in blue-chip stocks and new listings.
The FBM KLCI soared for the fourth consecutive day, closing above 1,600, its highest in two years, at 1,605.68.
With average daily volume up by 28.7% year-on-year, trading momentum remains strong. Bursa Malaysia’s 1QFY24 saw a 36.9% increase in Average Daily Value, driven by heightened interest across all segments, particularly from foreign institutions.
Malaysian stocks
Expectations of robust economic growth and potential US rate cuts are anticipated to sustain positive sentiment and market valuations.
Analysts maintain a bullish outlook, with a BUY call and target price of RM8.20, reflecting optimism for the market’s performance.
“We are maintaining our BUY call on the stock with an unchanged TP of RM8.20, pegging FY25 EPS to a PER of 25x,” says MIDF.
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