Bursa Malaysia is expected to continue trending positively and further recover due to improving investors’ sentiment, despite the cautious mode ahead of global monetary policy decisions, a dealer said.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng anticipated the market undertone to remain steady with the key index to stay on an upward trajectory next week, hovering above 1,400-level.
Nevertheless, there is a possibility of profit-taking activities emerging as investors take a cautious stance awaiting the outcome of the United States Federal Open Market Committee (FOMC) meeting.
“We expect the benchmark index to trend within the range of 1,410-1,420 next week.
“Technically speaking, the FBM KLCI has formed a new support level at 1,400, while resistance remains at 1,415,” he told Bernama, adding that the chances of an uptrend trajectory would be higher if the key index breaks the 1,415 resistance level.
For the holiday-shortened week just ended, the FBM KLCI traded mixed, due to profit-taking before Wednesday market close but turned positive towards the weekend on renewed buying interest mainly on banking and plantation sectors.
On a Friday-to-Friday basis, the FBM KLCI rose 1.43 points to finish at 1,413.52 versus 1,412.09 a week earlier.
On the index board, the FBM Emas Index increased 16.67 points to 10,448.79, the FBMT 100 Index improved 16.86 points to 10,131.36, the FBM Emas Shariah Index added 37.62 points to 10,746.95, the FBM 70 Index gained 51.0 points to 13,876.29 and the FBM ACE Index peaked 49.82 points at 5,329.59.
Sector-wise, the Financial Services Index fell 6.72 points to 15,728.50, the Plantation Index climbed 189.47 points to 7,087.59, the Industrial Products and Services Index inched up 0.04 of-a-point to 162.86, while the Energy Index was 5.48 points lower at 817.72.
Weekly turnover decreased to 13.75 billion units valued at RM8.08 billion from 14.82 billion units at RM9.55 billion in the preceding trading week.
The Main Market volume was lower at 9.95 billion shares worth RM7.02 billion compared to 10.82 billion shares worth RM8.35 billion in the previous week.
Warrants turnover narrowed to 1.38 billion units valued at RM197.38 million versus 1.56 billion units valued at RM238.94 million last week.
The ACE Market volume inched down to 2.40 billion shares worth RM864.34 million from 2.43 billion shares worth RM958.83 million previously.
