KUALA LUMPUR: The continued foreign selling of Malaysian equities is expected to restrain the FBM KLCI’s advance and the local market is expected to trend sideways.
BIMB Securities Research expects the local market to trend sideways due to lack of fresh catalysts with the index hovering around 1,785 to 1,795.
The research house said on Friday the KLCI ended higher the previous day, notching gains of 8.71 points to 1,786.87, lifted by gaming and telco counters.
However, trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers. Foreign funds were net sellers at RM127.2mil and retailers net sellers RM12.4mil. The net selling was well absorbed by local funds.
European equities ended mostly lower due to disappointing U retail sales and mixed corporate news.
On Wall Street, the key indices recorded the biggest gain in more than a month as expectations for a rate hike were pushed back following disappointing data on retail sales.The DJIA and S&P500 gained 1.47% and 1.26% respectively to end at 17,895.22 and 2,065.95 respectively.
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