KUALA LUMPUR: The FBM KLCI continued to drift sideways in a week chockfull of economic releases, which would help to inform investors as to the coming investment landscape.
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At the open, the FBM KLCI was down 1.29 points to 1,601.62.
“We expect investors to continue practicing cautiousness ahead of key economic data releases, particularly the US inflation data on Wednesday, and the ongoing corporate earnings season, alongside mixed global stock market performance
“Downside risks will be mitigated by extended foreign fund buying,” said Apex Securities Research.
The research firm highlighted key economic data to be released over the coming week, including US inflation, Malaysia’s 1Q24 GDP, and China retail sales.
“We are bullish on consumer-related stocks, as crowds seen from EPF Account 3 withdraw are likely to stimulate consumer spending.
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“Additionally, we remain positive on the construction sector, anticipating significant job opportunities from both public and private sector projects this year,” it added.
YTL-related counters continued to push higher with YTL Power rising three sen to RM4.95 and YTL Corp gaining two sen to RM3.41.
The bank sector was on the backfoot. Maybank slipped three sen to RM9.84, CIMB shed two sen to RM6.78, RHB dipped one sen to RM5.50 and Public bank was unchanged at RM4.18.
Meanwhile, market debutant Farm Price made a stellar start to trading, surging 23.5 sen to 47.5 sen.
Other leading actives included, PA, up 2.5 sen to 36 sen and PDZ, flat at 3.5 sen.
-TheStar