FBM KLCI retests 1,500 level as US GDP data lifts investor sentiment

TheStar Fri, Jan 27, 2023 09:23am - 1 month View Original

KUALA LUMPUR: The domestic market was bullish at Friday's opening bell as global equities received a shot in the arm from positive US economic data.

The benchmark FBM KLCI gapped up 1.58 points at the opening bell to 1,499.97, retesting the psychological resistance of 1,500 points.

Bursa Malaysia, which has remained downbeat over the last two trading sessions despite a rally in Asian markets, is looking to break out of a stubborn consolidation as investors have been quick to take profit from recent gains.

"The lower liners are staying firm amid strong buying interest, but we caution that the overbought position in most of the stocks across Bursa Malaysia may attract quick profit taking over the foreseeable future.


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