Stock market expected to be choppy

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According to dealers of Bursa Malaysia, the stock market outlook this week will be quite choppy. This came in the wake of the August 2 deadline for the United States in raising the debt ceiling where many are adopting a wait-and-see approach although a large portion of investors are sceptical that President Barack Obama and his team could come out with a solution by then.
Some are speculating that they will continue to stall at the stalemate and hence, the benchmark FTSE Bursa Malaysia KLCI would be expected to test the crucial 1,545 point psychological level. A dealer said that if the end of the debt stalemate can be reached then they will surely be able to breach the 1,560 mark, which is the next target. Having said that, it also must be noted that if it falls below the 1,545 mark, then it would be the first warning that it has already reached its major peak and according to another analyst, it could even approach towards the 1,530 level.Dr Nazri Khan, the Head of Retail Research, it could be a positive rebound as this could come from the regional spill-over as well as the recent announcement by the government on a new National Key Result Area to address the rising standard of living.

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