Bursa Malaysia to hit 1,670 level as softening US job market keeps rate cut expectations elevated

KUALA LUMPUR : Bursa Malaysia is poised to retest the 1,670 level from Monday onwards on improved sentiment as the latest US jobs data point to a softening labour market, keeping hopes for an interest rate cut expected by markets elevated.

In this context, he expects a shift in investor focus towards fundamentally strong companies with high dividend yields and defensive sectors. "As such, we anticipate the FBM KLCI to trend within the range of 1,650-1,670 for next week with immediate support at 1,650 followed by 1,630 and resistance at 1,670 followed by 1,700,” he said.

Sector-wise, the Financial Services Index slid 115.06 points to 19,602.47, the Plantation Index shed 69.79 points to 7,243.40 while the Industrial Products and Services Index retreated by 6.10 points to 175.30. The Energy Index slipped 51.51 points to 875.19.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CEO: Bursa Malaysia seeks to reduce large domestic investor dominance to lure foreign investmentKUALA LUMPUR, Sept 4 — Malaysia’s stock exchange is looking to loosen the grip of large domestic investors on the market to encourage more trading and attract foreign investors...
Source: malaymail - 🏆 1. / 86 Read more »

Bursa Malaysia closes red as global slowdown fears mount, telco stocks buck the trendKUALA LUMPUR, Sept 4 — Bursa Malaysia ended lower today, tracking an equity rout worldwide after weak US data fuelled fears of a slowdown in global economic growth. At 5pm, the...
Source: malaymail - 🏆 1. / 86 Read more »