The FBM KLCI could head towards a mixed performance this month, even as foreign investors are making a steady return into local stocks. Read:
PETALING JAYA: After a volatile December 2019, the FBM Kuala Lumpur Composite Index could head towards a mixed performance this month, even as foreign investors are making a steady return into local stocks.
The first two trading days of 2020, following the New Year holiday, were positive for FBM KLCI. The index was up 0.86% and 0.55% on Jan 2 and 3. The overall market breadth was negative, with 646 decliners compared to 269 gainers. A total of 343 counters remained unchanged.Nevertheless, Ng foresees 2020 to be a better year for FBM KLCI as most concerns are likely priced in and the earnings base has been reset lower throughout 2019.
“On the external front, investors will be following up on the Federal Reserve’s policy meeting on Jan 29, signing of US-China Phase one trade deal on Jan 15 and Brexit day on Jan 31, ” she added. Foreign investors also experienced the largest gain in average daily traded value compared to local retail investors and local institutions, increasing by 59.6% but was still below the RM1bil mark.
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