Bursa Malaysia likely to maintain upward trajectory next week
KUALA LUMPUR - Bursa Malaysia is expected to remain on an upward trajectory next week on improving market sentiment and substantial support from foreign funds.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng anticipated the buying momentum on the local market to continue next week although profit-taking may prevail as well.
"We believe the outlook will remain positive in the near to mid-term due to attractive valuations and continuous support from foreign funds.
"Foreign funds are likely to keep buying in the region given the attractive valuations of the regional markets and the expectation of better economic growth,” he told Bernama.
Hence, he expected the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend within the 1,445-1,460 range next week.
For the week just ended, the FBM KLCI traded mostly higher and showcased an impressive performance, buoyed by strong buying support from local institutions and foreign funds.
On a Friday-to-Friday basis, the FBM KLCI rose 36.83 points to finish at 1,450.35 versus 1,413.52 a week earlier.
On the index board, the FBM Emas Index increased 204.14 points to 10,652.93, the FBMT 100 Index rose 209.82 points to 10,341.18, the FBM Emas Shariah Index added 158.25 points to 10,905.20, the FBM 70 Index gained 59.03 points to 13,935.32, while the FBM ACE Index eased 8.26 points at 5,321.33.
Sector-wise, the Financial Services Index jumped 451.31 points to 16,179.81, the Plantation Index climbed 62.52 points to 7,150.11, the Industrial Products and Services Index inched up 4.65 points to 167.51, and the Energy Index was 14.98 points higher at 832.70.
Weekly turnover increased to 18.03 billion units valued at RM10.93 billion from 13.75 billion units valued at RM8.08 billion in the preceding trading week.
The Main Market volume swelled to 12.63 billion shares worth RM9.54 billion compared to 9.95 billion shares worth RM7.02 billion in the previous week.
Warrants turnover expanded to 2.02 billion units valued at RM301.98 million versus 1.38 billion units valued at RM197.38 million last week.
The ACE Market volume rose to 3.34 billion shares worth RM1.07 billion from 2.40 billion shares worth RM864.34 million previously. - BERNAMA
