Bursa Malaysia key index seen in the 1,620-1,650 range next week
KUALA LUMPUR: Bursa Malaysia’s key index is expected to hover within the 1,620-1,650 range next week, with selective accumulation of quality blue-chip stocks likely to emerge on weakness, said an analyst.
KUALA LUMPUR: Analyst Rakuten Trade Sdn Bhd's Thong Pak Leng anticipates Bursa Malaysia's key index, the FTSE Bursa Malaysia KLCI, to trade between 1,620 and 1,650 in the upcoming week. The 1,620 level is expected to act as immediate support, while a breach above 1,650 could set the stage for reaching 1,660. A sustained surge past 1,660 would enhance the short-term technical outlook, though a more robust recovery would necessitate lower bond yields, oil price stability, and heightened involvement from the index's top companies, he stated to Bernama.
The past trading week witnessed profit-taking and selling pressure in early trading, followed by a considerable sell-off that led to bargain hunting as the market slipped into oversold territory. Over the Friday-to-Friday period, the FTSE Bursa Malaysia KLCI fell 40.75 points to 1,630.87, down from 1,671.62 the previous week. The FBM Emas Index, FBM Top 100 Index, FBM Emas Shariah Index, FBM ACE Index, and FBM Mid 70 Index all experienced declines over the week.
Weekly trading volume increased to 17.39 billion units worth RM14.42 billion, up from 17.11 billion units worth RM14.07 billion the prior week. Main Market volume dropped to 10.31 billion units valued at RM12.69 billion from 10.41 billion units valued at RM12.31 billion the previous week. Warrants turnover rose to 4.40 billion units worth RM708.35 million, up from 4.21 billion units worth RM661.61 million the previous week.
ACE Market volume fell to 2.67 billion units valued at RM1.00 billion, compared to 2.48 billion units valued at RM1.09 billion in the prior week.
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