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“Despite the mixed US economic data, recession concerns seem overstated,” he said, seeing a gradual improvement in market sentiment as the week progresses. He added that this week’s domestic market setback offers a compelling buying opportunity due to more attractive valuations. However, he said investors should remain aware of the market’s heightened sensitivity to US economic data.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said from a technical standpoint, the 20-day and 50-day exponential moving averages are both trending upward, with the index staying above them. This signals a continued bullish trend in the short and medium term, though the proximity to the 20-day EMA hints at potential consolidation.
The FBM 70 Index was weaker by 349.47 points at 17,094.45 and the FBM ACE Index dropped 31.64 points to 5,084.45. The Main Market’s volume decreased to 8.66 billion shares worth RM14.01 billion against 10.26 billion shares worth RM19.34 billion a week ago.
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