He said this was based on the current pattern where a lot of local fund managers participated in buying activities this month, which was ‘unusual’ as historically the market would take a breather in November after a good performance in October.
“What is happening now is quite interesting because there are a lot of liquidity in the market and the investors seem to be optimistic on the performance of the shares,” he said.
Zulkifli, who is also MIDF Head of Research Department, said this to reporters after a luncheon talk featuring MMC-Gamuda KVMRT (T) Sdn Bhd, hosted MIDF Investment here today.
The persistent buying interests in small-cap and FBM 70 stocks had resulted in an increase in prices for about six to seven consecutive days, he said.
He said the local sentiment has improved, probably due to the share prices which had fallen significantly and buyers were now comfortable to go in.
“We are quite optimistic the market is resilient and the potentials for it to progress next year are positive based on the recent trend,” he said.
Zulkifli said fundamentally, Bursa Malaysia was all right and everybody agreed that the ringgit was undervalued and did not reflect the fundamentals.
He said the research house has reiterated its target for the benchmark FBM KLCI next year of around 1,850-point level. — Bernama
Read more: http://www.theborneopost.com/2015/11/06/small-cap-fbm-70-to-continue-drive-bursa-msia-until-year-end/#ixzz3qwfvgdcg
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