Kenanga Research has revised its average daily volume (ADV) and earnings forecasts for Bursa Malaysia in 2024, citing softer-than-expected ADV due to foreign investors exiting Malaysian equities following Donald Trump's victory in the US presidential election. The research house maintains its 'outperform' call on the stock exchange operator but lowers its target price to RM9.70 from RM10.00.
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ADVs for the fourth quarter of 2024 were softer than expected, with foreign investors appearing to exit Malaysian equities to return to US markets following Donald Trump’s win in the presidential election. The shortfall was attributed to softer-than-expected trading as the market was sidelined while awaiting the results of the US Presidential election in November.
“As such we are cutting our forecasts for Bursa’s FY24 and FY25 earnings forecasts by 4% and 3%, respectively, to reflect the softer ADVs,” the research house said.
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