by BERNAMA / pic TMR
AHEAD of the tabling of Budget 2023 tomorrow and the US September jobs report, profit-taking activities may cap further strong gains after rebounding from a low of 1,385 (3 Oct), says a local research house.
Overall, it said wild swings may prevail in October (resistance: 1,436-1,454-1,468) in wake of jittery market backdrops, Hong Leong Investment Bank said in its daily traders brief report.
It listed a number of factors, topping the list being higher perceived market risk premium for Malaysia in anticipation of an early next General Election (GE15).
Other factors are global recession fears, elevated inflation, heightened geopolitical tensions, potential downgrades in Malaysian corporate earnings and GDP, as well as resumption of foreign net selling (October: -RM68 million, September:-RM1.63 billion and August: +RM1.98 billion).
The FTSE Bursa Malaysia KLCI (FBM KLCI) closed at 1,420.55 on Wednesday