Market review - Photo Bukit Bintang Pavilion -WIKI
The FBM KLCI (+0.24%) edged higher on Friday following gains in more than half of the key index components. The lower liners extended their decline, while the Consumer sector (+0.7%) was the top performer amongst the sectorial peers.
The market will monitor economic announcements this week such as IPI, retail sales and unemployment data. “We expect weakness to prevail within the oil & gas stocks as crude oil prices extended their slide below US$80/bbl,” says Apex Research in this market review.
Wall Street was bullish with the S&P500 hitting a record high, following strong quarterly results by technology companies. European stock markets finished lower due to strong US jobs report, while Asian stock markets closed mixed.
It appears that the FBM KLCI has stabilised above the 1,500 psychological level and could extend the sideways trend above the aforementioned threshold. The lower liners which are experiencing renewed volatility may see a consolidation with investors turning more defensive ahead of the upcoming Chinese New Year festive break. Economic wise, investors will be keeping a close tab onto the release of China, Eurozone and US services PMI data to be release later today.
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