KUALA LUMPUR (Nov 4): MIDF Research said that based on its 10-year quantitative studies, all of the 30 FBM KLCI current constituent stocks generally performed better during the period from Tuesdays to Fridays. In a strategy note today, the research house said the weekend effect describes the tendency of stock prices to underperform on Mondays. MIDF Research said the FBM KLCI exhibited an average excess return (day of the week minus weekend) of 0.55% while SapuraKencana Petroleum Bhd registered the best average excess return of 1.63% among all FBM KLCI current constituents. MIDF Research’s top 3 picks based on (i) ranked quantitative findings, and supported by (ii) fundamental views (i.e. stocks with positive expected share price return and Buy recommendation) are IOI Corporation Bhd, CIMB Group Holdings Bhd and Hong Leong Financial Group Bhd.

Source: The Edge Markets November 04, 2016 02:07 UTC