KLCI could inch higher to retest 1,585-1,600 levels cautiously, says HLIB

KLCI could inch higher to retest 1,585-1,600 levels cautiously, says HLIB
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KUALA LUMPUR (March 17): Hong Leong Investment Bank (HLIB) Research said that tracking a third day rally from Wall Street, KLCI could inch higher to retest 1,585-1,600 levels but cautious sentiment prevails, as investors continue to weigh on the ongoing Russia-Ukraine ceasefire talks, FOMC’s latest hawkish policy coupled with worries over the Covid situation in China.

In its traders brief Thursday (March 17), the research house however said  with the Malaysian bourse still showing resilience in the face of increased foreign net inflows (28th session of straight net inflows; YTD: +RM5.3 billion; 2021: -RM3.02 billion), high crude oil and CPO prices, as well as the nations’ shift into endemic phase and reopening of international borders on 1 April, the signs are implying limited downside risk going forward (key supports: 1,530-1,545).