Looking forward into 2023, Yee said the research house has pegged a target of 1,800 points for the KLCI, based on 14 times CY2023 PER, with the banking and telecommunications (telco) sectors expected to support its growth momentum for the remainder of this year and in 2023.
KUALA LUMPUR (Dec 6): Rakuten Trade Sdn Bhd forecast that the benchmark FBM KLCI index will touch 1,560 at year end, which means a 90-point gain for the market bellwether over the next three weeks from its current level of about 1,470.
“For the KLCI this year, we have placed 1,560 as our target, premised on a very reasonable 13 times calendar year 2022 price-earnings ratio (CY2022 PER),” Rakuten Trade head of research Kenny Yee said on Tuesday (Dec 6) during a media briefing on the end-2022 market outlook after the 15th general election (GE15).
(Dec 1): US stocks surged on Wednesday, putting the blue-chip Dow Jones Industrial Average more than 20% above its September low after Federal Reserve Chair Jerome Powell’s dovish comments and signs of cooling US inflation raised hopes that the central bank will become less aggressive on interest-rates hikes.
The surge in the oldest of Wall Street’s three main stock indexes meets what some investors define as a bull market.