Rakuten sees FBM KLCI hitting 1,700 by year-end, ringgit at 4.10-4.15 to US dollar

KUALA LUMPUR: Sentiment on Bursa Malaysia is expected to improve gradually amid the improving liquidity provided by foreign fund inflows, Rakuten Trade Sdn Bhd said.

"We believe foreign funds will continue to snap up index-linked counters; thus we have 1,700 as our year-end target (for the FTSE Bursa Malaysia KLCI or FBM KLCI) for 2022 premised on 14 times market price-earnings ratio notwithstanding the one-off prosperity tax which may erode the calendar year 2022 (CY22) earnings growth by 1-2 per cent.