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Market sentiment is expected to improve following US CPI data meeting expectations and strong earnings reports from major banks. This optimism may drive a rebound in the FBM KLCI, supported by bargain hunting in undervalued stocks. Investors are also closely monitoring China’s Q4 2024 GDP and industrial production data, expected tomorrow.
• Energy Sector: Likely to benefit from sharp oil price gains driven by a larger inventory drawdown.
• Plantation Sector: May face pressure due to declining crude palm oil (CPO) prices, which recently hit a 3-month low.
FBM KLCI Technical Outlook
The index continues to trend downward, moving further from the 1,600 psychological level. Indicators remain bearish, with the MACD Line below the Signal Line and RSI under 50. Key levels to watch:
• Resistance: 1,600
• Support: 1,530
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