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Buying of Malaysian stocks to continue as optimism over Anwar Ibrahim's appointment reigns

Publish date: Fri, 25 Nov 2022, 10:42 AM

KUALA LUMPUR: Buying activities on Bursa Malaysia are expected to continue today with foreign funds emerging as well, according to Rakuten Trade. 

Thus, the firm expects Bursa's benchmark FBM KLCI to trend between the 1,510-1,530 range today.

"Though we anticipate buying to be wide spread, we reckon focus to centre on the banks and telcos in particular plus technology stocks that will excel amid the less aggressive interest rate hike in the US. 

Yesterday, Malaysian equities were mostly in the green soon after Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah consented to the appointment of Datuk Seri Anwar Ibrahim as Malaysia's 10th prime ninister.  

The FBM KLCI rose sharply by 4.04 per cent or 58.38 points to end at 1,501.88.

Rakuten Trade has maintained its year-end FBM KLCI target at 1,580 for now as it expects valuations for the local bourse to experience some upside readjustment.

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