KUALA LUMPUR: Maybank Investment Bank Research sees appetite for risk falling as GE14 looms following the selloff on Bursa Malaysia on Wednesday.
According to stock market data, foreign funds were net sellers at RM291.7mil and retailers at RM32.9mil. Local institutions were net buyers at RM324.6mil
“Yesterday’s selloff could trigger the next wave down. Technically, the KLCI could retest its critical support at the 50-day EMA line.
“Note that RSI has pointed downward and slipped below its average line. Therefore, there is a high possibility that the benchmark index will trend towards 1,824 and 1,833 supports in the near-term,” it said.
Maybank Research said technically, it expects the KLCI to trade between 1,840 and 1,860 on Thursday. Downside supports are 1,843 and 1,833.
“However, Maybank Research pointed out that construction stocks may attract some interest following the appointment of project delivery partners for the Kuala Lumpur-Singapore High Speed Rail,” it said.
The two project delivery partners (PDPs) for the KL-Singapore high speed rail (HSR) have received their respective letters of appointment from MyHSR Corp Sdn Bhd today.
The consortium of Gamuda Bhd and Malaysian Resources Corp Bhd (MRCB) is the PDP for the northern package of the project.
The contract boundary is from Bandar Malaysia station here to the first standard viaduct pier on the south side of Melaka station.
Meanwhile, the southern portion’s PDP was awarded to the consortium YTL Corp Bhd and TH Properties Sdn Bhd.
Already a subscriber? Log in.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!