FBM KLCI to trend lower towards 1,650 pts next week
On the domestic front, the KLCI weakening technicals should be cushioned by positive local economic data. — Picture by Azneal Ishak
“One of Wall Street’s classic economic indicators — the Dow Jones Transportation Average — has recently dropped in form, making its longest losing streak since the past 10 years,” he told Bernama. “Fundamentally, we expect any weaknesses towards the 1,650 level will attract more bargain hunting as anchor funds nibble the beaten-down stock at lower price.
Mohd Nazri viewed that the bullish bias and monthly uptrend line above the meaningful 1,600 support level remained firmly intact over the longer term.He said for the next week outlook, investors should stay away from cyclical sectors and move towards momentum sectors such as energy and basic resource stocks. Investors should accumulate oil and gas counters such as Dayang, Carimin, Perdana and Hibiscus.The FBM Emas Index trimmed 58.89 points to 11,739.23, the FBMT 100 Index decreased 73.
Weekly turnover increased to 14.55 billion units worth RM11.43 billion from 12.92 billion units worth RM11.74 billion.
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