Analysts upbeat on equity market in 2023

The FBM KLCI closed 9.77 points or 0.66% lower at 1,467 points yesterday and is down by about 6.39% year-to-date.

PETALING JAYA: The local equity market is due for a re-rating in the second half of 2023 underpinned by a more favourable domestic economy that will be further helped by the proactive policies from Putrajaya.

Analysts said winning the vote of confidence in Parliament for Prime Minister Datuk Seri Anwar Ibrahim on Monday was the first hurdle he passed, and investor focus will now turn to the next challenge in the form of tabling and passing the Budget 2023 early next year; followed by state and Umno-level elections.“There are high expectations on him and I’m hopeful he can deliver on the necessary policies and reforms needed. Investors are now awaiting the budget which could fuel a Chinese New Year rally.