KUALA LUMPUR, Nov 7 — Bursa Malaysia is expected to continue to trade above the 1,500 level next week, supported by the just announced Budget 2021 that focuses on recovery of the economy and building the country’s resilience.

Malacca Securities Sdn Bhd analyst Kenneth Leong said market sentiment was boosted by news that the government had sought to balance the healthcare capacity’s needs while building upon the current economic recovery momentum together and developing better resilience for the future.

"Bursa Malaysia together with its regional peers would also likely track the external factors such as the US election results, US stimulus package and oil price movement.

"Investors would also await the third quarter of gross domestic product which is due on Friday (Nov 13),” he told Bernama.

On a Friday-to-Friday basis, the benchmark FBM KLCI settled 52.75 points higher at 1,519.64.

On Friday, the market was higher with investors’ optimism uplifted by the Budget 2021 announcement, which saw the FBM KLCI gaining 18.15 points or 1.21 per cent to 1,519.64.

During the week, the market was influenced by concerns over Budget 2021, Monetary Policy Committee decision on the Overnight Policy Rate, oil price movement and development of the US presidential election.

The FBM KLCI ended 52.75 points firmer this week at 1,519.64 compared with 1,466.89 last Friday.

On the scoreboard, the FBM Emas Index increased 405.39 points to 111,018.97, the FBMT 100 Index rose 389.65 points to 10,813.28 and the FBM Emas Shariah Index strengthened 533.72 points to 13,275.40.

The FBM 70 improved 531.71 points to 14,516.80.

Sector-wise, the Financial Services Index increased 285.07 points to 12,294.46 and Plantation Index bagged 321.48 points to 7,123.38 while the Industrial Products and Services Index rose 8.65 points to 149.79.

The Technology Index gained 5.02 points to 64.71 while the Healthcare Index expanded 1046.96 points to 4,130.33.

Weekly turnover improved to 34.28 billion units worth RM18.51 billion from 21.09 billion units worth RM16.16 billion last week.

Main Market volume firmed to 16.30 billion shares worth RM13.88 billion from 11.43 billion shares worth RM12.94 billion.

Warrants turnover perked at 4.08 billion units worth RM842.51 million from to 2.84 billion units worth RM735.43 million in the preceding week.

The ACE Market volume soared to 10.68 billion worth RM3.75 billion from 6.80 billion worth RM2.48 billion previously. — Bernama