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KUALA LUMPUR: The recent rally in the stock market doesn’t seem to be waning anytime soon as buying from foreign funds persists amid growing optimism on the economic reopening and higher vaccination rate.

The FBM KLCI breached the 1,600-level yesterday to hit a high of 1,604.9 points before settling 11.22 points higher at 1,601.38.

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The index has seen a strong rebound since Aug 20 with the index gaining 5.49% over the past 10 days, narrowing its year-to-date loss to 1.59%.

The strong uptrend in the market is not unexpected as foreign funds have continued to buy into local stocks with the easing of political risks and the reopening of more economic sectors.

According to MIDF Research, foreign investors remained net buyers for the third consecutive week last week, which saw inflow amounting to RM964mil.

“What’s bringing the market up is mainly from foreign funds, and this is due to the reopening of the economy and the prospects of achieving herd immunity,” said UOB Kay Hian head of research Vincent Khoo.Rakuten Trade noted that the Nasdaq and S&P 500 closed at record highs last week. Given the impressive rally in the local market, the research house said a correction is anticipated, although this will be cushioned by intermittent profit-taking activities.

A fairly positive results season in the second quarter has also lent strength to the market, particularly in the banking and commodities sectors.

Going forward, Khoo expects more sectors to show significant recovery, which will help buoy the market through to the fourth quarter, albeit not at the pace seen over the past 10 days.

UOB Kay Hian has an end-2021 FBM KLCI target of 1,635 points.

“While our target may seem unambitious at this point, don’t forget that the uptrend continues in 2022.

“We do see further upside for the market as it moves on a recovery trajectory.

“I think smart money is coming back to the local market,” said Khoo.

The FBM KLCI’s higher close was also in line with the uptrend in the region.

Regional markets tracked optimism in Wall Street following US Federal Reserve chairman Jerome Powell’s speech over the weekend that the central bank was in no hurry to raise interest rates, although it could start paring down asset purchases this year.

Rakuten Trade noted that the Nasdaq and S&P 500 closed at record highs last week.

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