KUALA LUMPUR, Dec 13 — Bursa Malaysia will likely continue its downtrend next week on profit-taking ahead of the coming New Year, said Affin Hwang Investment Bank vice-president and head of retail research, Datuk Dr Nazri Khan Adam Khan.

He said trading would likely be influenced by external factors, among them, the revision downwards of the Organisation of the Petroleum Exporting Countries of its forecast on oil demand for 2015, the expected increase in interest rates in the US, and the tepid global economic data from China and Japan.

“It seems traders and investors could not resist the temptation to nail down profits before the start of the New Year,” Nazri said.

“So far we have no technical evidence of a serious downleg despite the weakness. The market action suggests more correction creeping into the over-extended large-capitalised local blue-chips.”

On the domestic front, Nazri said investors were encouraged that Malaysia has posted 9.1 per cent growth in investments in the first nine months of this year compared with the same period in 2013.

“We believe this trend suggests a healthy investment inflow, steady investor confidence, and underlies that Malaysia is still attractive to foreign investors, especially from China and Singapore despite the broad Bursa Malaysia correction and ringgit jitters,” he said.

Yesterday, Malaysia Airlines closed 0.5 of a sen lower at 26.5 sen on its last trading day on the Main Market of Bursa Malaysia.

For the week just ended, the benchmark index closed 76.14 points lower at 1,732.99, dampened by sell-offs in blue-chips and selected key heavyweights.

The FBM Emas Index lost 611.46 points to 11,866.47, FBMT100 Index 537.62 points to 11,616.85, the FBM 70 699.26 points to 12,824.45 and the FBM Ace 999.83 points to 5,552.5.

Sector-wise, the Industrial Index fell 135.08 points to 3,138.29, Finance Index 729.97 points to 15,463.00 and the Plantation Index 427.89 points to 7,767.48.

Weekly turnover decreased to 6.58 billion shares worth RM8.12 billion from 9.76 billion shares worth RM11.16 billion last week.

Main market volume declined to 4.54 billion shares valued at RM7.55 billion against 7.07 billion units valued at RM10.52 billion previously.

Warrants turnover rose to 754.81 million shares valued at RM785.49 million versus 648.18 million shares, valued at RM153.03 million.

ACE market volume went down 1.27 billion shares, worth RM257.06 million, from 2.02 billion shares worth RM488.15 million transacted previously. — Bernama