KUALA LUMPUR: BIMB Securities Research expects the local market to remain positive on Tuesday following improved investor sentiment and attractive valuations.
It said the immediate resistance for the FBM KLCI to be at 1,725 to 1,730 after it closed marginally higher on Monday.
On Monday, trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers.
Foreign funds were net sellers at –RM85.4mil and retail investors also net sellers at –RM20.6mil. However, local institutions continued to mop up the selling with net buying at RM106mil.
On the external front, European stocks finished sharply higher after Greece struck a deal that should unlock new funding for the cash-strapped country.
Wall Street also ended sharply higher as investors were relieved that Greece and its creditors reached an agreement on the bailout program. The DJIA and S&P500 gained 1.22% and 1.11% respectively to end at 17,977.68 and 2,099.60 respectively.
In Asia, key indexes ended higher with sharp increase in China, Japan and Hong Kong on falling oil price, boosted airliners and other energy users.