Investors could take profit as results period ends

TheStar Wed, Aug 30, 2023 09:08am - 8 months View Original


KUALA LUMPUR: Following the previous day's rally, the benchmark FBM KLCI is expected to consolidate as the corporate results period comes to a close ahead of the Merdeka Day holiday.

In its market review, TA Securities Research said blue chips, especially utility, banking and oil and gas heavyweights, gained in the previous trading sessions amid a firmer regional tone on China's measures to stimulate the domestic stock market and economy.

However, this surge of optimism is not expected to last as investors look ahead to new and firmer leads.

"Pending stronger leads or policy announcements on key infrastructure projects to sustain the strong run-up in the property and construction sectors, stocks should consolidate ahead of the Merdeka Day break, as investor attention may turn towards the key monthly U.S. jobs data to be released at the end of this week," said the research firm.

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