Momentum to pick up from Q2

The benchmark index kicked off the second quarter yesterday on a positive note, adding 9.13 points or 0.58% to 1,582.64 points. This was also partially due to a technical rebound from Wednesday’s oversold position that saw the FBM KLCI tanking 35.68 points after holding on to the 1,600-point region for about a month.

PETALING JAYA: Bank Negara’s stance that Malaysia’s economy will rebound from the second quarter has sparked much confidence in the market as investors seek new catalysts.

It was a much needed assurance by the regulator, as the FBM KLCI has only traded sideways with a decline of 1.24% year-to-date (y-t-d) due to factors such as the reimposition of the movement control order (MCO) in January that piled on the uncertainties over an economic recovery.