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

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Bursa Malaysia Nyheter

FBM KLCI,Weekly,UOB Kay Hian

A trip to the ninth largest country in the world.

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.

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