FBM KLCI to touch 1,830 by end-2019

Market breadth was overwhelmingly negative to the tune of 727 to 170, with 330 counters unchanged. Out of the 100 FBM KLCI stocks, only four headed north.

KUALA LUMPUR: MIDF Research expects the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) to rebound to 1,830 by end-2019, supported by the recovery in corporate earnings.

Head of Strategy and Quantitative Analytics Syed Muhammed Kifni Syed Kamaruddin said corporate earnings for 2019 are expected to grow by 5.8 per cent as compared with 1.96 per cent anticipated for this year.

“We also foresee that there are opportunities for investors to enter the market now, as the current composite index (CI) level is about 150 basis points lower than what we projected by end of 2019,” he told a market outlook media briefing here today. - Bernama