KUALA LUMPUR: OSK Research said with the FBM KLCI having fallen below its previous non-recessionary bottom target of 1,378, it stills see potential for further market retracement although a possible deep recession can probably be averted.
It said on Monday, Sept 26 that in the medium term, it is maintaining its 2012 KLCI fair value at 1,466 seeing a slow recovery forward unlike in 2009.
'We retain our Defensive stance recommending Telcos, Consumer, Healthcare and Media as defensive sectors.
'Nonetheless, with the market approaching our new 1,350 non-recessionary bottom, we believe some bottom 'nibbling' would be reasonable although we do not recommend aggressive bottom fishing,' it said.
It said on Monday, Sept 26 that in the medium term, it is maintaining its 2012 KLCI fair value at 1,466 seeing a slow recovery forward unlike in 2009.
'We retain our Defensive stance recommending Telcos, Consumer, Healthcare and Media as defensive sectors.
'Nonetheless, with the market approaching our new 1,350 non-recessionary bottom, we believe some bottom 'nibbling' would be reasonable although we do not recommend aggressive bottom fishing,' it said.
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