KUALA LUMPUR: Aseambankers Equity Research has lowered its year-end target for the Kuala Lumpur Composite Index to 1,220 based on a target 2009 price-to-earnings ratio (PER) of 13 times.
The research house cut its 2008-09 earnings forecasts by about 2%-3% as spiralling inflation in the second half of this year could reduce domestic consumption and impact corporate earnings expectations.
