Posted by financialanalyst18 > 2015-09-20 20:58 | Report Abuse

KLCI could hit 1,700 in short term, says Affin Hwang Friday, 18 September 2015 PETALING JAYA: Bursa Malaysia's key benchmark index, FTSE Bursa Malaysia KLCI (FBM KLCI) could hit the 1,700-mark in the short term, said Datuk Dr Nazri Khan Adam Khan. Nazri Khan, Affin Hwang Investment Bank's (Affin Hwang IB) Vice-president/Head of Retail Research, said the US Federal Reserve's (Fed) decision to keep interest rate unchanged would push the shares higher. "We, however, do not rule out the possibility that the Feds Open Market Committee would revise its decision at its next meeting in October or December, especially when Fed Chair Janet Yellen had indicated that a rate rise was still likely this year. "In the meantime, the equity market is expected to perform positively, with the FBM KLCI most likely to climb near the 1,700 level in the near-term. Nazri Khan said this at the launch of 'Trader Point Affin Hwang' near Kota Damansara on Friday. The education centre, which operates in collaboration with the location host, Big Baraqah Resources Sdn Bhd, conducts market trading training for retail players. He said the proactive measures announced by the Prime Minister Datuk Seri Najib Tun Razak recently bodes well for the local market. He cited the government's call on encouraging government-linked companies as well as private firms to repatriate their profits back to the country to invest in high-multiplier local projects as positive to Bursa Malaysia. "Reviving fund manager ValueCap (Sdn Bhd) with a RM20 billion fund to support undervalued shares and stabilise the equity market is definitely another positive factor for the local bourse," he said. The 2016 Budget expectations and the anticipation of the Sarawak election would also start adding to Bursa Malaysia's positive review soon, Nazri Khan said.