KUALA LUMPUR: Hong Leong Investnment Bank expects FTSE Bursa Malaysia KLCI to pick up in buying support on the back of steady inflows of foreign funds over the past two weeks.
“We think the window dressing activities may pick up over the next two weeks. We believe the current key index is on an upward bias mode with the recovering technical indicators,” the research house said in a note.
HLIB said the technical rebound may retest the 1,730-1,740 levels, while the support will be anchored around the 1,700-1,710.
Last week, the FBM KLCI managed to regain mild buying support led by positive inflows of foreign market participation over the past week; the key index managed to end above the 1,720 territory.
However, on the broader market, it is still negative with 490 losers vs 327 gainers. Market volumes stood at 1.89 billion, worth RM2.48 billion.
On the active counters, some of the oil & gas counters such as Hibiscus and UMW Oil and Gas were down following the plunge in Sapura Energy after reporting weaker earnings.