WEEKLY HIGHLIGHTS

• The FBM KLCI eased to a 5-week intraday low of 1,505.4 points on Wednesday before closing at 1,521.9 points to register a loss of 1.7% for the week.

• Selected regional markets generally closed on a mixed note following news of higher-than-expected inflationary pressures.

Looking ahead, the local market is anticipated to move in tandem with overseas markets. Investors will continue to monitor the outlook for the U.S. and global economic activities.

Meanwhile,

• MIDF Research head Zulkifli Hamzah said the market was supported by local investors as reflected by the intraday swing in the FBM KLCI.

• “The pattern of order flow strongly indicates aggressive selling by foreign investors, which came as no surprise given weak sentiment towards emerging Asian markets.

• “It will take some time before the market stages a sustainable rebound. We expect the index to consolidate at current level with 1,500 providing a strong support,” he said.

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