The KLCI ended marginally higher last Friday, gaining 0.15% to close at 1485.30 points. However, strong US inflation data suggests profit-taking pressure early this week, with key support seen at 1470 points.
The FBM KLCI gained 2.23 points last Friday, closing at 1485.30, primarily supported by banking heavyweights like Public Bank (PBBANK) and Maybank (MAYBANK). However, trading volume remained moderate. Analysts warn that market sentiment may turn cautious this week due to strong US labor market data, fueling fears that the US Federal Reserve might accelerate interest rate hikes. Investors are likely to engage in profit-taking on Monday, especially in the technology and export-oriented sectors. If the KLCI breaches the key support level of 1470, it could see a further correction towards 1455 points, reflecting regional uncertainty.
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