KUALA LUMPUR, Dec 18 — Bursa Malaysia is expected to trade range-bound with an upside bias next week, with the benchmark index to hover at 1,490 to 1,510 range, a dealer said.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said sentiment on the local bourse is expected to remain cautious amid volatility surrounding the global markets, but the domestic market would continue to be supported by the likely year-end window dressing activities.

"Selling pressure across the region amid the heightened volatility will have a negative impact on our market sentiment.

"From the technical point of view, we shall see immediate resistance at 1,515 points and support at 1,480 points,” he told Bernama.

Meanwhile, Hong Leong Bank Research in a note said for the week just-ended, the global financial markets witnessed a volatile week amid major event risks and economic releases which pointed to faster-than-expected increase in inflation.

It said major central banks all shifted to a more hawkish stance this week, spanning from rate hikes to quicker asset tapering, as well as providing policy tightening guidance.

"We expect a quiet week ahead as the year draws closer to a conclusion. But in the Asia space it looks busier, with Consumer Price Index (CPI) readings from Japan, Malaysia, Hong Kong, and Singapore on the cards. Singapore will also release its industrial production numbers for November,” it shared.

On a Friday-to-Friday basis, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 13.13 points to end the week at 1,502.01 from 1,488.88 previously.

On the index board, the FBM Emas Index rose 60.53 points to 10,920.32, the FBMT100 Index increased 61.14 points to 10,622.71, the FBM Emas Shariah Index advanced 30.38 points to 11,744.63, the FBM ACE gained 49.50 points to 6,277.82, while the FBM 70 declined 46.18 points to 13,999.85 .

Sector-wise, the Financial Services Index surged 173.75 points to 15,283.08, the Industrial Products and Services Index improved 3.50 points to 196.8, and the Healthcare Index climbed 11.95 points to 2,185.30 .

The Energy Index eased 2.04 points to 675.45, the Technology Index slid 0.83 of-a-point to 94.36, and the Plantation Index erased 36.52 points to 6,429.97.

Weekly turnover dwindled to 13.77 billion units valued at RM10.46 billion against 17.03 billion units valued at RM10.20 billion in the previous week.

The Main Market volume slid to 9.04 billion shares worth RM9.41 billion from 9.45 billion shares worth RM8.92 billion in the prior week.

Warrants volume, however, declined to 1.20 billion units valued at RM185.66 million versus 1.50 billion units valued at RM242.27 million previously.

The ACE Market volume fell to 3.56 billion shares worth RM866.97 million compared with 5.47 billion shares worth RM1.03 billion in the previous week. — Bernama