ANALYSTS remain bullish on the near-term outlook of the local stock market but said it is in overbought territory now, which is why the benchmark index snapped five straight days of gains yesterday.
The FTSE Bursa Malaysia KL Composite Index (FBM KLCI) fell by 7.9 points, or 0.7 per cent, to 1,164.48 points on profit-taking activities after hitting a fresh one-year high on Tuesday.
"It is, once again, a test of buyers' conviction and optimism on the market. Meanwhile, we maintain our bullish view towards the near-term market," technical analyst Shin Kao Jack said in a report yesterday.
CIMB Research yesterday maintained an "overweight" call on Malaysian equities with a year-end index target of 1,220.
It kept an "outperform" rating on top picks AMMB, AirAsia, Gamuda and WCT.
Friday, July 31, 2009
Bursa near-term outlook remains bullish: Analysts (ext: BT)
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