FBM KLCI seen oversold, up on Genting Malaysia gains

FBM KLCI seen oversold, up on Genting Malaysia gains
-A +A

KUALA LUMPUR (Oct 25): The FBM KLCI settled 2.91 points or 0.2% higher, mainly on index-linked Genting Malaysia Bhd share gains.  

At 5pm, the KLCI closed at 1,739.05 points after falling to its intraday low at 1,733.67 points. Genting Malaysia shares rose 13 sen to RM5.13 to become Bursa Malaysia's ninth-largest gainer.

Across Bursa Malaysia, 2.46 billion shares worth RM1.89 billion were traded. There were 349 gainers and 433 decliners.

“The (Malaysian) stock market is actually oversold, and (the KLCI) will probably hold at the 1,740-1,750 level for the next few days. There’s no reason for it to fall further,” Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com.

Looking ahead, Wan said besides Malaysia's Budget 2018 which will be announced this Friday (Oct 27), investor sentiment will be largely dependent on announcements of more infrastructure projects, which in turn will affect Bursa Malaysia construction counters.

Today, investors' interest on Bursa Malaysia construction counters was apparent. The Bursa Malaysia Construction Index rose 5.87 points or 1.83% to close at 326.98 points.