Daily Market Report (22 Aug 2019)
Thu, Aug 22, 2019 8:58 AM
- The domestic market remains stuck in a consolidation mode with the FBM KLCI oscillating between a tight range of 1,590-1,600. Due to the absence of positive catalysts, foreign fund outflows are still rampant touching almost RM2.1bn for the month of August alone.
- Corporate earnings reported thus far failed to whet investors’ appetite as most came were within expectations at best. In view of this, we believe the upcoming Budget for 2020 this October would be crucial to spur sentiments amongst the investing community.
- For today, we may see some bargain hunting as investors predominantly are seen to be sidelined until the completion of the corporate results season by end-August.
