KUALA LUMPUR, Sept 26 — Bursa Malaysia is expected to be in consolidation mode next week, with the FTSE Bursa Malaysia KLCI (FBM KLCI) trading between 1,570 and 1,650 points, says Kenanga Research.

Head of Research Chan Ken Yew said with the possibility of an immediate uptrend broken given the weak buying momentum, the index would likely be in consolidation mode next week.

“On a technical perspective, any rebound will likely be capped below the 1,650 level and there is a possibility for the FBM KLCI to retest the previous support level of 1,570,” he told Bernama.

Meanwhile, in a note yesterday, Kenanga Research said China’s poor factory activity data further aggravated fears over a slowdown in global economic outlook, sending regional markets, including Bursa Malaysia, into the red.

During the four-day trading week, the FBM KLCI was on a downtrend before perking up yesterday due to bargain hunting activities.

Bursa Malaysia and its derivatives were closed on Thursday for the Hari Raya Aidiladha public holiday.

On a weekly basis, the key benchmark FBM KLCI finished at 1,615.44, or 54.44 points weaker than last Friday.

The FBM Emas Index declined 311.89 points to 11,165.38, the FBMT100 Index fell 321.47 points to 10,877.39, the FBM Emas Shariah lost 220.63 points to 11,828.63 and the FBM 70 went down 194.38 points to 12,206.1.

Meanwhile, the FBM Ace rose 103.3 points to 5,573.25. Sector-wise, the Finance Index trimmed 577 points for 13,979.72, the Plantation Index contracted 163.01 points to 6,945.61 and the Industrial Index eased 16.05 points to 3,107.99.

Weekly turnover decreased to 7.02 billion units worth RM7.89 billion from 8.76 billion units worth RM10.39 billion last week.

Main market volume fell to 3.86 billion units worth RM6.97 billion from 5.25 billion units worth RM9.60 billion last Friday.

Warrant turnover decreased to 1.84 billion units valued at RM285.26 million from 2.20 billion units valued at RM456.35 million previously.

ACE market volume rose to 1.31 billion units worth RM480.14 million from 1.30 billion units worth RM330.77 million. — Bernama