Malaysia’s stocks may break 1,600 level

KUALA LUMPUR 13 July - FBM KLCI continues showing uptrend, increased 7.28 points at 1,599.12 from Friday’s close of 1,591.84.

Bursa Malaysia has alternately shown positive and negative trends before resting at 1,596.40 as of 9.10 am, opened 4.56 points higher.

It may add to its winnings by today, RTTnews predicted. 

The upward trend is in line with the Asian market as it surges by dint of optimism for a treatment of the COVID-19. 

Last Friday, the European and U.S. markets marked higher, which reflects the Asian markets to open in similar fashion. 

Meanwhile, Malacca Securities estimate trading will be halted for the rest of the day as soon as the index falls by an aggregate of or more than 15% of the previous market day’s closing index.

“Sector-wise, we continue to favor the healthcare sector as a clear winner on the unabated situation of Covid-19.

“In the meantime, the construction sector may also gain traction should there be no major political changes over the near term,” it said.

At present, the trigger point for stopping for the rest of the day is when the FBM KLCI drops by an aggregate of 20%.

The KLCI finished modestly higher on last Friday following gains from the plantations and a mixed picture from the financial shares. - DagangNews.com