KUALA LUMPUR: The FBM KLCI was seen firming up above the 1,600-point degree at Monday’s open as international funds continued to move into the home market.
At 9.05am, the benchmark index was up 1.15 factors to 1,608.44.
For the week ended April 8, international buyers have been web consumers of RM312.4mil of native fairness, extending its web optimistic streak for 9 weeks in 2022 up to now.
However, Kenanga Research expects the FBM KLCI to stay buying and selling in a sideways path over the quick time period amid a dearth of contemporary market developments.
“We reckon the benchmark index is going through extra draw back danger than upside potential following its climb since a month in the past.
“With the bellwether nonetheless within the midst of pulling again from the higher Bollinger Band and the stochastic indicator reversing from an overbought place, the FBMKLCI might stay in a range-bound sample with a damaging bias forward,” it stated in its technical outlook.
However, Malacca Securities Research stated the Malaysian market may very well be seen as a defensive market in gentle of the unsure world setting.
The analysis agency expects cautious buying and selling in know-how shares following the decline on the Nasdaq on Friday amid expectations of a extra hawkish tone from the Fed on financial insurance policies going ahead.
“In view of the combined performances on Wall Street, we consider buyers ought to favour shares beneath the recovery-theme, whereas avoiding the know-how sector,” it stated in a notice.
Meanwhile, early movers on the FBM KLCI included Maybank up two sen to RM8.87, IHH rising three sne to RM6.48, Sime Darby Plantation
climbing eight sne to RM5.33 and Kuala Lumpur Kepong including 34 sen to RM27.04.
Top actives on the broader market have been Vsolar down 0.5 sen to 1 sen, Matang up 0.5 sen to 11 sen and Brahim’s falling one sen to 2.5 sen.
