KUALA LUMPUR: OSK Research said despite relatively strong results from a number of blue chips in February, the market still retreated and ended up in the red so far in 2011.
In its research note on Tuesday, March 1, it said selling was largely attributed to concerns arising from political unrest in the Middle East although it continued to see limited risk if this does not spread to Saudi Arabia.
'With the 4Q2010 earnings results season over, we unveil our 2011 KLCI year-end target of 1680, which is the average of the 2011 KLCI fair value (1,648) and that for 2012 of 1,710.
'We continue to advocate Buying into Weakness for sectors such as Banking and to trade in O&G, CONSTRUCTION [] and Property plays. We are also adding a slightly defensive flavor to our Top Buys for March. While the market remains volatile for now, we see an election driven rally towards year-end,' it said.
In its research note on Tuesday, March 1, it said selling was largely attributed to concerns arising from political unrest in the Middle East although it continued to see limited risk if this does not spread to Saudi Arabia.
'With the 4Q2010 earnings results season over, we unveil our 2011 KLCI year-end target of 1680, which is the average of the 2011 KLCI fair value (1,648) and that for 2012 of 1,710.
'We continue to advocate Buying into Weakness for sectors such as Banking and to trade in O&G, CONSTRUCTION [] and Property plays. We are also adding a slightly defensive flavor to our Top Buys for March. While the market remains volatile for now, we see an election driven rally towards year-end,' it said.
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