Bursa Malaysia may get a fillip from overnight Wall Street rally, says HLIB

Bursa Malaysia may get a fillip from overnight Wall Street rally, says HLIB
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KUALA LUMPUR (March 16): Hong Leong Investment Bank (HLIB) Research said Bursa Malaysia may get a fillip from an overnight rally from Wall St (key resistances: 1,573-1,585-1,600) though investors remain braced for volatility from the ongoing Russia-Ukraine war, looming FOMC meeting outcome tomorrow coupled with worries over the Covid situation in China.

In its traders brief today, the research house however said with the Malaysian bourse still showing resilience in the face of increased foreign net inflows (27th session of straight net inflows; YTD: + RM4.91 billion; 2021: -RM3.02 billion), high crude oil and CPO prices, as well as Malaysia’s shift into endemic phase and reopening of international borders on 1 April, the signs are implying limited downside risk going forward (1,500-1,535-1,545).