KUALA LUMPUR, July 20 ― Bursa Malaysia is expected to continue its uptrend next week and likely to reach 1,700 points after a steady rebound yesterday.
Phillip Capital Management Asia-Pacific senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan said for the upcoming week, the local market was expected to be supported by local sentiment with minimum exposure to foreign risks.
“Automotive and media sectors are poised for better prospects next week,” he told Bernama.
For the week just ended, the FBM KLCI index slipped 0.77 per cent to 1,656 from 1,669 points.
The local bourse was also influenced by global stock performance mainly the US market.
Due to the potential interest rate cut and comments from the Federal Reserve office earlier in the week on signs of economic weakening, the US equity indices had a mild recovery from the early losses.
For the week just ended, Nazri said the local market remained subdued as the wave of US corporate earnings was showing flat to negative results which dampened the positive sentiments of the economic outlook.
“Besides lower earnings of companies, the market was also impacted by the concerns over the ongoing trade spat between the US and China, and weak data from the region,” he said.
Bursa Malaysia was traded volatile and rebounded yesterday after profit-taking activities throughout the week.
On a Friday-to-Friday basis, the FBM KLCI declined 11.26 points to 1,658.19 from 1,669.45 a week earlier.
The FBM Emas Index eased 54.03 points to 11,790.22, the FBMT 100 Index declined 53.26 points to 11,616.25 and the FBM Emas Shariah Index trimmed 77.06 points to 12,164.862.
The FBM Ace Index gained 24.84 points to 4,674.97 and the FBM 70 up 35.46 points to 14,913.03.
Sector-wise, the Financial Services Index fell 46.31 points to 16,595.80, the Plantation Index dipped 97.28 points to 6,814.0 and the Industrial Products and Services Index inched down 4.51 points to 156.81.
Weekly turnover rose to 15.49 billion units worth RM9.46 billion from 12.99 billion units worth RM10.26 billion last week.
Main Market volume increased to 10.83 billion shares worth RM8.27 billion compared with last week’s 9.36 billion shares valued at RM9.4 billion.
Warrants turnover rose to 1.99 billion units worth RM391.59 million from 1.92 billion units worth RM411.56 million.
The ACE Market volume fell to 2.66 billion shares worth RM486.93 million compared with 4.53 billion shares valued at RM2.55 billion previously. ― Bernama
