KUALA LUMPUR (Feb 19): The FBM KLCI closed 9.09 points or 0.57% higher today, lifted by gains among component stocks including Kuala Lumpur Kepong Bhd and Nestle (Malaysia) Bhd, amid mixed performance in regional markets.
At 5pm, the benchmark index ended the week at 1,584.93, after it had been in the negative zone for three consecutive days.
On a week-on-week basis, however, the KLCI was down 0.9% against last week’s closing of 1,599.42.
In a note, Hong Leong Investment Bank analyst Ng Jun Sheng said the benchmark index is vulnerable to further consolidation amid the fourth quarter of 2020 (4Q2020) reporting season.
“Nevertheless, downside risk could be limited near the 1,545-1,561 zones on the back of the Fed’s dovish outlook, huge US stimulus package, falling Covid-19 infections globally, and the planned vaccination programme in Malaysia starting Feb 26,” he said.