Corporate earnings in view for February trading

TheStar Mon, Jan 30, 2023 09:11am - 1 month View Original

KUALA LUMPUR: Corporate earnings are expected to lead trading activity in February after a lull in January owing to the Lunar New Year festive period.

According to Kenanga Research, February is statistically favourable for the domestic market as it chalked up gains in seven of the lat 10 years, inclulding the two most recent years, to register an average monthly return of 1% since 2013.

However, the research firm said technical signals suggest the FBM KLCI may be seen backing away from the 1,500 level after failing to break out of the pyschological resistance in the previous week.

"On the chart, after tiptoeing around the 1,500-level, the FBM KLCI may back off from the psychological mark in view of the bearish technical signals triggered by the bellwether’s ongoing adjustment from the upper Bollinger Band and the stochastic indicator’s overdue reversal from an overbought position as the Parabolic SAR has shifted downward.


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