Optimism about the outlook of US interest rates and China’s improving economic prospects are set to drive Bursa Malaysia higher this week.
Chief economist and fund manager of Interpacific Asset Management Bhd Datuk Nazri Khan noted that the barometer index has managed to stay above the 1,450 psychological level despite recent volatility due to worries over the US Federal Reserve’s hawkish monetary policy stance.
At home, he said Bursa’s strength can be seen in lower liners."We now see the next target at 1,480 and it will likely hit the 1,500 level by year-end,” he added. For the week just ended, the FBM KLCI traded mixed as regional markets received a boost from China’s move to cut its reserve requirement ratio by 25 basis and its forecast-beating economic prints.
On the index board, the FBM Emas Index added 44.25 points to 10,771.17, the FBMT 100 Index increased 42.81 points to 10,444.79 and the FBM Emas Shariah Index was 123.80 points higher at 11,011.35.
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