KUALA LUMPUR, April 23 ― Bursa Malaysia will likely be lower next week as unfavourable external factors are expected to affect buying sentiment.
A dealer said the local market would be clouded by cautious sentiment ahead of the Federal Open Market Committee meeting scheduled from April 26-27, 2016.
“Given the uncertainty ahead of the meeting, we expect this to dampen buying sentiment,” he said.
On the technical front, Kenanga Research Head of Research, Chan Ken Yew, said the FTSE Bursa Malaysia KLCI (FBM KLCI) would likely remain range-bound next week, so long as it was still capped below the 1,727-1,730 resistance.
“As indicators have weakened, we do not rule out further correction towards 1,700-1,710 in the near term,” he told Bernama.
On a weekly basis, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 10.03 points to 1,717.96 from 1,727.99 last week.
The FBM Emas Index declined 58.58 points to 11,938.49, FBMT100 Index eased 65.23 points to 11,627.98 and the FBM Emas Syariah Index was 52.01 points lower at 12,487.75.
On a sectoral basis, the Finance Index fell by 126.05 points to 14,908.65, Plantation Index eased 34.39 points to 7,750.86 and the Industrial Index was 20.02 points lower to 3,270.95.
Weekly turnover leaped to 8.6 billion units valued at RM9.25 billion from 8.17 billion units valued at RM8.65 billion last week.
Main market volume rose to 6.37 billion shares valued at RM8.89 billion from 5.61 billion shares valued at RM8.21 billion previously.
Warrant turnover fell to 920.23 million units worth RM110.71 million from 997.74 million units worth RM130.26 million last Friday.
The ACE market declined to 1.3 billion shares valued at RM259.39 million from 1.56 billion shares valued at RM305.06 million last week. ― Bernama
