KUALA LUMPUR: Bursa Malaysia is likely to trend at the current level next week on cautious trading amid uncertainties in the global market due to lingering banking stability concerns.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said bargain hunting activities was expected to emerge next week and anticipate the FBM KLCI to trend within the 1,400-1,415 level while immediate support would be seen at 1,400 followed by 1,370 with resistance at 1,420.
“Due to uncertain global and regional conditions, we expect short-term market sentiment to remain nervous. However, the local benchmark index is still in oversold position, thus we advise investors to accumulate on weakness,” he told Bernama.
Bursa Malaysia has been on a downtrend during the week just ended amid the banking crisis in the United States (US).
Recently, US Treasury Secretary Janet Yellen reassured that steps will be taken to keep deposits safe at banks. On Thursday, the US Federal Reserve raised interest rates by another 25 basis points at a ninth straight meeting and indicated there may be more hikes to come.
On a Friday-to-Friday basis, the FBM KLCI declined 12.03 points to end at 1,399.70 from last week’s 1,411.73.
On the index board, the FBM Emas Index fell 78.22 points to 10,258.18, the FBMT 100 Index lost 77.05 points to 9,951.83, the FBM Emas Shariah Index eased 68.03 points to 10,599.21 and the FBM 70 Index discounted by 67.93 points to 13,297.72.
Meanwhile, the FBM ACE Index advanced 54.88 points to 5,303.82.
Sector-wise, the Financial Services Index dropped 90.19 points to 15,449.52, the Energy Index fell 19.98 points to 802.88, the Industrial Products and Services Index was 4.51 points lower at 165.54 and the Plantation Index decreased 158.39 points to 6,713.93.
Weekly turnover eased to 16.06 billion units worth RM9.62 billion from last week’s 17.96 billion units worth RM13.30 billion.
The Main Market volume eased to 10.56 billion shares valued at RM8.25 billion against 11.57 billion shares valued at RM11.13 billion a week ago.
Warrant turnover was lower at 2.18 billion units worth RM338.05 million from 2.26 billion units worth RM363.11 million previously.
The ACE Market volume eased to 3.28 billion shares worth RM1.02 billion against 4.13 billion shares worth RM1.80 billion. - Bernama
Source: The Sun Daily
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