KUALA LUMPUR, Oct 24 ― Bursa Malaysia will likely continue its gains next week albeit at a moderate pace, given favourable external developments.

Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said one of the factors which would keep the FTSE Bursa Malaysia KLCI (FBM KLCI) supported is the prospect of new stimulus measures in Europe.

“European Central Bank President Mario Draghi's comments on bolstering its bond-buying programme gave fresh hope of funds inflow into emerging markets, including Malaysia.

“The moderate strength showcased by the local bourse this week will likely carry on to next week,” he told Bernama.

Meanwhile, a dealer said the 2016 Budget announcement by Prime Minister Datuk Seri Najib Razak yesterday could also provide a boost for certain stocks or sectors in the local market next week.

The government had allocated RM267.2 billion for the 2016 Budget, which was slightly higher than for the 2015 Budget of RM260.7 billion.

“We expect positive movement in construction, as well as oil and gas stocks next week given that they are some of the benefactors from the announcement,” the dealer added.

On a weekly basis, the key benchmark FBM KLCI finished at 1,710.93, down 5.89 points from 1,716.82 last Friday.

The FBM Emas Index increased 27.69 points to 11,833.35, the FBMT100 Index appreciated 15.74 points to 11,524.79, the FBM Emas Shariah rose 58.97 points to 12,630.56, the FBM 70 advanced 221.83 points to 12,937.48 and the FBM Ace climbed 63.43 points to 6,166.83.

Sector-wise, the Finance Index declined 97.73 points to 14,613.38, the Plantation Index added 107.42 points to 7,607.48 and the Industrial Index rose 23.43 points to 3,368.5.

Weekly turnover increased to 11.93 billion units worth RM10.13 billion from 9.54 billion units worth RM9.42 billion last week.

Main market volume appreciated to 6.20 billion units worth RM9.15 billion from 5.23 billion units worth RM8.58 billion.

Warrant turnover went up to 2.83 billion units worth RM430.87 million from 1.62 billion units worth RM290.61 million.

The ACE market volume expanded to 2.89 billion units worth RM542.30 million from 2.66 billion units worth RM541.63 million last Friday. ― Bernama