Not only have our market given up its early solid performance from late May 2019 to early July this year, whereby the KLCI rallied 5.8%, other markets too had given up their respective gains, in particular the North Asian markets as well as the Hang Seng Index
THREE months ago, this column envisaged that the Malaysian corporates have put behind the disappointing earnings performance over the past few quarters and should improve from then on. In fact, it was time to buy as analysts’ expectations have been slashed vigorously while index target levels too have dropped to below 1,700.
While the call then was correct with the KLCI rebounding from the sub-1600-point level to as high as 1,691 points, external developments, in particular the US-China on-going trade and currency war had taken its toll on the market and today we are back to the 1,600-point level – again!
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