,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.
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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.
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.
Equity *** ysts and fund managers expected the situation to improve as economic growth and corporate earnings are expected to perform better.
Market participation is also expected to remain vibrant as retail investors continue jumping into the stock market as interest rate remains at a historical low of 1.75%.
Areca Capital chief executive officer Danny Wong (pic below) said the situation of a subsiding pandemic and economic recovery would happen, with corporate profits following suit.
“The market always moves ahead of the recovery and thus, the market will buy ahead.
“However, do not expect it to be a *** ooth ride due to uncertainties, noises and profit-taking activity.
“There will be bumps along the potential recovery, ” he told StarBiz.
Kenanga Research said the domestic economic conditions were set to improve substantially from the second quarter, setting the stage for a strong rebound of the FBM KLCI.
It said the economic landscape looked more promising as corporate earnings head back to pre-Covid-19 levels.
“Barring the occasional disruption to vaccinations caused by precautionary measures taken due to post-inoculation side effects, infection rates are generally falling worldwide. With Malaysia’s 2020 gross domestic product (GDP) contraction of 5.6% behind us, the economy entered 2021 struggling to overcome the impact of MCO 2.0 due to spikes in daily new cases.
“This portends for a weak first quarter of 2021 while the fourth quarter of 2020 results season was mildly positive, beating low expectations, ” it said.
The research house added that in terms of GDP, the first quarter this year should likely be the last quarter of negative year-on-year (y-o-y) growth.Allbet声明:该文看法仅代表作者自己，与www.allbetgame.us无关。转载请注明：buy apple developer account ：Momentum to pick up from Q2