KUALA LUMPUR, May 14 — Bursa Malaysia is expected to remain bearish next week with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index trending towards the 1,600-point level, an analyst said.
Affin Hwang Investment Bank Vice-President and Retail Research Head Datuk Dr Nazri Khan Adam Khan said the markets in the region would move in a downtrend position on expectations that the United States might increase its interest rates.
“Investors in the whole region will be eyeing the upcoming US Federal Open Market Committee (FOMC) meeting on June 14 and 15.
“Also, in tandem with the recent technical correction on oil prices and the ringgit against the US dollar, investor sentiment would likely turn more cautious,” he told Bernama.
On a weekly basis, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 21.10 points to 1,628.26 from 1,649.36 last week.
The FBM Emas Index lost 113.46 points to 11,401.87, the FBMT100 Index reduced 117.76 points to 11,090.22 and the FBM Emas Shariah Index was 150.77 points lower at 11,905.78.
On a sectoral basis, the Finance Index dropped 179.60 points to 14,305.03, the Plantation Index eased 95.96 points to 7,455.46 and the Industrial Index slid 106.24 points to 3,030.49.
Weekly turnover increased to 8.86 billion units worth RM10.10 billion from 6.36 billion units valued at RM7.31 billion last Friday.
Main market volume rose to 5.46 billion units worth RM9.43 billion from 4.31 billion units valued at RM6.9 billion.
Warrant turnover improved to 824.67 million units worth RM107.92 million from 656.79 million units valued at RM92.20 million.
The ACE market perked to 2.56 billion shares worth RM557.54 million from 1.38 billion shares valued at RM256.26 million. — Bernama
