AmResearch Sdn Bhd head of research Benny Chew Yow Leng told The Edge Financial Daily that the FBM KLCI was moving in tandem with the strong regional markets' positive sentiment.
However, he said the research house was maintaining its 1,190 forecast for the FBM KLCI for early next year, adding that fundamentals had not changed very much.
"There will be a pull-back in the near term, meaning over the next one to two months, as the market is still volatile. Earnings turnaround will be from early next year, so we expect some stabilisation then," he said.
The ringgit also strengthened against the US dollar on July 15 and was quoted at 3.5630 per dollar at 5pm versus 3.5825 the previous trading day.
Plantations also extended their recovery, with crude palm oil up RM75 per tonne to RM2,115 for August delivery and RM67 per tonne to RM2,103 for September delivery. Crude oil gained 95 cents per barrel to US$60.47 (RM215.88) as at 6.40pm on July 15.
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