新闻电报群:Bursa Malaysia likely to have hit bottom

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PETALING JAYA: Bursa Malaysia has likely found its bottom at current levels with negative news priced in but the gloom in investor sentiment has yet to lift until volatile global markets attract fresh buying interest.

While timing an entry or exit from the equity market is a key skill in investing, very few analysts are prepared to confidently call the upturn but most analysts believe that at current levels, many will not go wrong investing in value or growth stocks.

“We are at or near the bottom as far as the FMB KLCI is concerned but investor sentiment is correlated to external markets.

“The June consumer price index (CPI) number of 9.1% in the United States is likely to fall in July and this will give the Federal Reserve (Fed) more room to maneuvre towards a soft landing after its rate hike this month,” Trident Analytics Sdn Bhd chief research officer Peter Lim Tze Cheng told Starbiz yesterday.

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Lim, who also doubles as a fund manager at Areca Capital Sdn Bhd, said the US June CPI number looks high on a year-on-year basis due to low base effect but when seen from a month-on-month basis, price pressures were milder at 1.1%, suggesting inflation had likely peaked and could go lower in the months ahead.

He added that the price rally in commodities has retraced while freight rates continue to weaken but the Fed’s move to further tighten monetary policy in July to slow down inflation at a 40-year high could trigger a technical recession in the United States as consumers pull back.

“All is not doom and gloom but timing an entry or exit is a key skill of investing. But if you are a value or growth investor, current valuations are compelling,” said Rakuten Trade Sdn Bhd head of equity sales Vincent Lau.

Noting inflation drives investors to value stocks that offer stable dividends like banking stocks, Lau said the deep 40% correction in the tech index makes local growth tech stocks very compelling as well, more so when inflation falls and foreign tech stocks rebound.

“All is not doom and gloom but timing an entry or exit is a key skill of investing. But if you are a value or growth investor, current valuations are compelling,” said Rakuten Trade Sdn Bhd head of equity sales Vincent Lau.

Investors and analysts will, however, have an eye on the upcoming earnings season for leads as a majority of listed companies announce their quarterly results this month and in August.