KUALA LUMPUR, Sept 15 ― Bursa Malaysia is expected to trend higher next week, riding on the recovery in the overall market sentiment, a dealer said.
“It is somehow tricky to determine the market tone next week. For the short trading week just ended, it was driven purely by sentiment in the market.
“However, stronger crude oil prices coupled with the strong US stock market’s performance, including the Nasdaq, would be factors to boost the market next week,” the Malaysian Association of Technical Analysts President, Nik Ihsan Raja Abdullah told Bernama.
Benchmark Brent Crude rose 0.17 per cent to US$78.31 (RM324) per barrel.
He also noted that local technology stocks would be in the spotlight next week, benefiting from trade tensions and the strong Nasdaq performance.
“Hence, I believe the composite index would linger between 1,790 and 1,820,” Nik Ihsan said.
Bank Islam Chief Economist Dr Mohd Afzanizam Abdul Rashid said markets were mostly positive on Friday, taking cue from the overnight performance of US equities.
He also said the US consumer price index, which grew 2.7 per cent year-on-year in August after a 2.9 per cent increase in the previous month, suggests the rate hike in the US was going to be gradual.
“Meanwhile, the Turkish cental bank raised its policy rate to 24 per cent, indicating the central bank had independence in deciding on monetary policy. Perhaps, these are the factors that will support the markets,” he added.
On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI settled 4.59 points better at 1,803.76.
The FBM Emas Index was up 2.57 points to 12,565.0 and the FBMT100 Index gained 5.42 points to 12,386.98.
The FBM 70 lost 92.25 points for 14,844.57, the FBM Emas Shariah Index decreased 16.73 points to 12,666.80, while the FBM Ace improved 30.52 points to 5,177.24.
On a sectoral basis, the Finance Index climbed 127.33 points to 17,923.44, the Plantation Index was up 47.03 points to 7,551.86, while the Industrial Index eased 17.19 point to 3,204.36.
Weekly turnover slipped to 7.29 billion units worth RM7.87 billion from 11.68 billion units worth RM10.15 billion.
Main market volume declined to 5.66 billion shares valued at RM8.99 billion from last Friday’s 6.81 billion shares worth RM9.05 billion.
Warrants turnover improved to 2.98 billion units worth RM872.93 million from 1.8 billion units worth RM488.26 million.
The ACE market volume narrowed to 1.73 billion shares worth RM238.88 million from 2.03 billion shares valued at RM360.64 million.
The market was closed on Monday and Tuesday due to public holidays.
It will be closed again on September 17 (Monday) for the Malaysia Day Holiday. ― Bernama