KUALA LUMPUR: Positive sentiment should boost Bursa Malaysia further when the market reopens on Tuesday on the back of a number of feel-good factors, including the recent Budget 2016 recalibration and the Dow Jones rising and closing 400 points higher on Friday.

Yesterday, the market rose with the FBM KLCI closing 33 points higher at the 1667 level.

Maybank Investment Bank Bhd’s Regional Chartist Lee Cheng Hooi said the bank is keeping to its yearend target of 1800 points for the FBMKLCI.

“The market was very good in Thursday and Friday after the Prime Minister’s recalibration of the budget and the market took kindly to that, “Basically, the region lifted off and Malaysia followed suit as well.

I think the fund managers who are underweight Malaysia and underweight certain stocks, like banking and plantation, piled into the market yesterday and the market rose 33 points to a very good 1667 points high,” he said.

Lee was speaking to the media after taking part in a panel discussion at the bank’s first half 2016 Market Outlook session for its retail investors here today.

The event was attended by 400 of the bank’s retail customers.

“Following last night’s close on the Dow Jones of nearly 400 points (in gains), we expect next Tuesday — Monday being a holiday — to be quite firm for the KLCI.

So, the KLCI will probably test the 1700 mark as well,” he said. Lee said that the sectors that Maybank IB looked at favourably was infrastructure and tourism.-nst