Blue chips are likely to extend their winning streak on July 21, after the firm close on Wall Street overnight, underpinned by comments from Public Bank that the “worst could be over” for banks.
The Dow Jones Industrial Average surged 104.21 points, or 1.19%, to 8,848.15. The Standard & Poor's 500 Index gained 10.75 points, or 1.14% to 951.13.
At Bursa Malaysia, the FBM KLCI surged to a fresh year high but the recent rally might “pull back” in the immediate term, according to analysts.
AmResearch managing director and regional head of equity research Benny Chew said he expected to see corporate earnings turning around to post a 17% growth next year from a contraction of 8% this year.
“In our recent market strategy report, we said that our emphasis next year is infrastructure spending. The construction sector will benefit from projects soon to be rolled out,” he said.
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