Moving on an upside bias following the resumption of normal trading activities after the CNY holiday-shortened trading week.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said during the week, the local bourse was stuck in consolidation mode as sentiments were still cautious from the lack of buying catalysts despite the persistent buying from local institutions and retail investors.
He said the bourse would also leverage on more investors expected to return to the market after the festive holidays as well as investors continuing to take money out of the United States equities to add to their exposure in international stock markets, betting on European and emerging markets.
“Conversely, a decisive break below the 1,477 to 1,486 support would trigger a selloff towards the 1,454 to 1,468 zone,” it said in a note. On a week-to-week basis, the key index eased 2.78 points to 1,497.55 on Friday against 1,500.33 a week earlier.
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