FBM KLCI to stay sideways ahead of corporate earnings

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KUALA LUMPUR: The return of foreign investors to the domestic market should continue to offer support to the local stock market although the key benchmark could continue to trend sideways ahead of the corporate results season, said Apex Securities Research.


Globally, the researh firm said investors may also adopt a wait-and-see approach ahead of the US FOMC minutes meeting later this week for further clues over the interest rate direction.

“We expect to see some selling pressure in Technology sector today that may mirror the Nasdaq’s weakness on last week.

“Meanwhile, we favour the stocks which has large exposure in the export markets, premised to the weaker Ringgit against the Greenback,” it added in a note.


At the start of the week’s trading, the FBM KLCI was down 0.2 points to 1,533.35.

Bank stocks took a step back including Maybank down two sen to RM9.41, Hong Leong Bank falling four sen to RM19.36, CIMB shedding one sen to RM6.40 and Ambank dropping one sen to RM4.38.

Tenaga Nasional slid six sen to RM11.12 while PETRONAS Chemicals lost three sen to RM6.85.
Among actives, Hong Seng was flat at two sen, Minetec up 0.5 sen to 19.5 sen and TWL unchanged at 3.5 sen.

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