FBM KLCI likely to stabilise at 1,780 support level next week

KUALA LUMPUR, March 14 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to stabilise at the 1,780 support level and trade firmer next week, spurred by positive local and external economic environment.  Affin Hwang Investment Bank vice-president and head of retail research Datuk Dr Nazri Khan Adam Khan said strong showing of Wall Street and Asian indices on several factors, including the US dollar retreat and broad commodities strength, would influence the local market movements next week.  He said major economic reports, including the recently released Bank Negara Annual Report 2014, were set to power Bursa Malaysia’s sentiments in the near term. 

“Overall, given positive external front and continuous central bank easy money policies, we feel that the FBM KLCI is likely to see a positive U-turn soon, hence any weakness should be a good buying opportunity,” he told Bernama.  The local market was traded mostly lower during the week just ended due to lack of market-moving news. 

For the week just-ended, the FBM KLCI fell 25.21 points to 1,781.75 from 1,806.96 yesterday. 

The FBM Emas Index dipped 155.91 points to 12,285.05, the FBMT100 Index weakened 153.85 points to 11,966.49 and the FBM Emas Syariah Index reduced 156.09 points to 12,878.89. 

The FBM 70 dipped 111.59 points to 13,299.4, the FBM Ace shot up 381.8 points to 7,080.73. 

The Industrial Index slipped 50.63 points to 3,262.45, the Finance Index depreciated 131.05 points to 15,858.72 and the Plantation Index trimmed 153 points to 7,770.79. 

Weekly turnover increased to 13.09 billion units worth RM10.43 billion from 11.34 billion units worth RM11 billion last week. 

Main market volume weakened to 6.04 billion valued at RM9.11 billion from 6.29 billion shares valued at RM10.15 billion previously.  Warrant turnover expanded to 530.58 million units worth RM97.96 million from last week’s 503.53 million units worth RM92.35 million.  The ACE market volume increased to 6.49 billion shares valued at RM1.22 billion from 4.54 billion shares worth RM761.57 million previously.  — Bernama