FBM KLCI positive aspects momentum above 1,600

KUALA LUMPUR: The FBM KLCI was seen firming up above the 1,600-point stage at Monday’s open as international funds continued to stream 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 had been internet patrons of RM312.4mil of native fairness, extending its internet constructive streak for 9 weeks in 2022 up to now.

Nonetheless, Kenanga Analysis expects the FBM KLCI to stay buying and selling in a sideways path over the rapid time period amid a dearth of recent market developments.

“We reckon the benchmark index is going through extra draw back threat 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 may stay in a range-bound sample with a unfavourable bias forward,” it mentioned in its technical outlook.

Nonetheless, Malacca Securities Analysis mentioned the Malaysian market may very well be seen as a defensive market in mild of the unsure world surroundings.

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 Consumed financial insurance policies going ahead.

“In view of the blended performances on Wall Avenue, we consider buyers ought to favor shares underneath the recovery-theme, whereas avoiding the know-how sector,” it mentioned in a notice.

In the meantime, 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.

Prime actives on the broader market had 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.


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