ALMOST five months ago, this column called for the benchmark FBM KLCI to have a fair value of 1,600 points for this year as market’s valuation were then stretched when compared with the regional markets (StarBiz, Dec 8, 2018).
The premise of a valuation of 1,600 points for the FBM KLCI was then on the assumption that the index, which traditionally trades at a premium to regional bourses due to its defensive and low beta nature, should trade at about 10% premium to regional averages in the form of forward Price-to-Earnings (PER) ratios.
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