KUALA LUMPUR, Nov 28 — After a volatile trading week due to the Budget 2021 parliament voting that had caused market jitters, Bursa Malaysia is poised for an upward momentum next.
A stock broker said the uptrend momentum is eminent as the FMB KLCI level has returned to above 1,600 and the relative strength index is now above 50, indicating an upside.
“The cyclical sectors are expected to be in demand in the coming week as market demand is predicted to increase driven by automatic extension of loan moratorium for B40 and case-by-case basis for the M40.
“This will boost the demand further and ease the financial tension of those affected badly by the ongoing Covid-19,” she said.
Barring unforeseen circumstances, she said the FBM KLCI would be able to surpass its one-year high of 1,618.68.
On a 52-week movement chart, the index moved between 1,207.82 to the peak of 1,618.68.
Over the week, the equity market was shocked by news surrounding Top Glove’s manufacturing plant where a huge number of workers had been infected with Covid-19.
The report caused shares to decline by about 6 per cent in two days, before rebounding yesterday, partly driven by shares buyback by the company.
Technology shares has also been on an uptrend driven by stronger corporate earnings and market outlook while energy showed a steady hike driven by stabilising oil price.
Lower liners meanwhile remained under pressure as the stocks are heavily impacted by any market development.
On a Friday-to-Friday basis, the FBM KLCI index gained 13.84 points.
On the scoreboard, the FBM Emas Index surged 78.15 points to 11,542.03, the FBMT 100 Index soared 74.27 points to 11,321.15, and the FBM Emas Shariah Index added 47.14 points to 13,268.91.
The FBM 70 inched up 5.62 points to 14,740.39 and the FBM ACE Index declined 564.04 points to 10,589.59.
Sector-wise, the Financial Services Index jumped 212.78 points to 14,236.10, the Plantation Index shed 108.59 points to 7,235.89, and the Industrial Products and Services Index added 2.30 points to 162.48.
The Technology Index inched up 1.23 points to 64.93, while the Healthcare Index climbed 6.72 points to 3,966.36.
Weekly turnover dropped to 45.97 billion units worth RM23.18 billion from 65.45 billion units worth RM29.40 billion last week.
Main Market volume declined to 20.46 billion worth RM17.16 billion from 32.66 billion shares worth RM21.85 billion.
Warrants turnover dipped to 3.30 billion worth RM586.75 million from 5.58 billion units worth RM799.64 million in the previous week.
The ACE Market volume contracted to 19.39 billion shares worth RM5.40 billion from 28.82 billion shares worth RM6.75 billion. — Bernama
Source: Malay Mail
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