According to Kenanga Research, February is statistically favourable for the domestic market as it chalked up gains in seven of the lat 10 years, inclulding the two most recent years, to register an average monthly return of 1% since 2013.
"On the chart, after tiptoeing around the 1,500-level, the FBM KLCI may back off from the psychological mark in view of the bearish technical signals triggered by the bellwether’s ongoing adjustment from the upper Bollinger Band and the stochastic indicator’s overdue reversal from an overbought position as the Parabolic SAR has shifted downward.
The research firm noted active news flow for the coming week including the debut of contractor Vestland on the ACE Market of Bursa Malaysia tomorrow, as well as the expected earnings announcements of Sunway REIT, Bursa Malaysia, CTOS Digital, Pavilion REIT, KLCC REIT and F&N Holdings. The benchmark index is making another attempt to convincingly cross the 1,500-point hurdle even investors await more leads from the coming corporate earnings period.
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