KLSE should end higher but mathematically upside is difficult

I assume it closed 31st Dec 2012 at a higher note closing to 1,700 historical high.  Our market will start to become expensive even though money smaller and our country continue to grow.  But how much and how fast to justify another 100 – 200 pts rally?

The upside let say 1,800 and the down side can easily justify at 1,500 – 1,600 or more to average below 15 times PE. That exclude any further stress in the world markets.  We will adopt selective involvement only from 2013 onwards on our asset, commodities and agricultural related segment only.  We will be defensive and selective.