Citibank sees Malaysia's main market index hitting 1,500-1,600 points

KUALA LUMPUR: Citibank Bhd expects FTSE Bursa Malaysia KL Composite Index to hit 1,500 to 1,600 points by year-end, while gross domestic product (GDP) for Malaysia to grow by 5% this year, followed by 6% in 2013.

Citibank Bhd head of investment strategies and research, retail banking, Steven Yong said foreign funds had been flocking into Malaysian equities, with the foreign shareholding level standing at 27% to 28% currently.