Maybank raises KLCI year-end target
KUALA LUMPUR, Sept 4 — Maybank Research raised its year-end target for the Malaysian benchmark composite index to 1,620 points from 1,565 after the end of the second-quarter earnings season.
At 1.47 GMT, the index was trading above the new target, up 0.02 per cent at 1,653.92.
"The upcoming General Elections will lend to market cautiousness. We thus continue to expect the equities market to consolidate towards year-end," Maybank said in a research note on Tuesday.
Earnings in the second quarter were mostly in line with predictions with banks turning in stronger-than-expected results while plantation and steel companies disappointed, it added.
Maybank advised a defensive strategy over the next 12 months and pointed to Genting Bhd, "for its defensive qualities supported by attractive valuations."
Genting was down 0.11 per cent at 9.01 ringgit per share. — Reuters
