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Saturday, September 5, 2009

Affin: Stock mart index will hit 1,264 by year-end

AFFIN Fund Management Bhd is confident that the country's benchmark stock market index will hit 1,264 points by the year-end, helped by ample liquidity and improved sentiment.The target is 8 per cent higher than its previous forecast of 1,164 points. "We believe the market has more upside potential," said Affin Fund Management chief executive officer Mohd Ayob Abu Hassan in a media briefing in Kuala Lumpur yesterday. The firm believes a strong support level for the the FTSE Bursa Malaysia Kuala Lumpur Composite Index is at 1,140 points. The benchmark index has gained 34.4 per cent so far this year, closing at 1178.74 yesterday. "We expect the effects of the stimulus packages to be felt in the fourth quarter this year, or early next year.

"The main beneficiaries of the stimulus packages would be construction companies as well as building material companies," he said.

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