Bursa Malaysia is expected to trade sideways next week, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) moving between 1,430 and 1,460 amid the uncertain regional performance, an analyst said.
Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said technically, the FBM KLCI should see immediate support at 1,470 and resistance at 1,400.
According to him, investors are awaiting the release of the widely watched official US jobs report.
Meanwhile, he said, the relaxation of China’s zero Covid-19 policy would benefit many countries in the region.
“We are optimistic as we expect investor sentiment to turn positive due to the above-mentioned reason amid the improving local economy, while valuations of Malaysian equities remain cheap at the present level,” he told Bernama.
Meanwhile, Malacca Securities Sdn Bhd senior analyst Kenneth Leong said volatility might remain a feature next week as investors kept a close watch on the US inflation data report to be out next Thursday.
Back home, Malaysia’s gross domestic product data for the third quarter of 2022, scheduled for release next Friday (Nov 11), would also keep investors on their toes, he added.
On Friday (Nov 4), the FBM KLCI jumped 17.9 points, or 1.26%, to end at the day’s high of 1,438.28.
Compared to a week earlier, however, the key index fell 9.03 points from 1,447.31 previously.
On the index board, the FBM Emas Index slipped 57.91 points to 10,217.49, the FBM 70 dropped 94.44 points to 12,142.13, and the FBMT 100 Index shed 65.93 points to 9,948.92.
The FBM Emas Shariah Index rose 4.58 points to 10,327.09 and the FBM ACE added 37.88 points to 4,919.18.
Sector-wise, the Financial Services Index dipped 293.35 points to 16,092.69, the Industrial Products and Services Index trimmed 1.67 points to 173.78, and the Plantation Index edged down 22.03 points to 6,821.02. The Energy Index, however, gained 27.71 points to 725.28.
During the trading week, weekly turnover increased to 13.37 billion units worth RM8.89 billion from 9.78 billion units worth RM8.08 billion in the previous week.
The Main Market volume was higher at 9.03 billion shares valued at RM7.61 billion against last week’s 5.87 billion shares valued at RM5.77 billion.
Warrant volume grew to 1.62 billion units worth RM325.14 million from 1.36 billion units worth RM231.45 million previously.
The ACE Market volume rose to 2.70 billion shares valued at RM955.85 million from 2.55 billion shares valued at RM1.08 billion.
