Subscribe to our Telegram channel for the latest updates on news you need to know.
KUALA LUMPUR, Jan 23 — Trading on Bursa Malaysia is expected to be cautious ahead of the United States Federal Reserve meeting next week.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the local market will see relatively slower participation of investors next week amid the holiday-shortened week, with Thaipusam to be celebrated on Thursday.
“Aside from that, the ringgit is expected to trade within the range of RM4.02 to RM4.03 per US dollar next week given the support from Bank Negara’s move to keep the Overnight Policy Rate unchanged last Wednesday,” he told Bernama.
On January 18, Prime Minister Tan Sri Muhyiddin Yassin announced a RM15 billion Malaysian Economic and Rakyat’s Protection Assistance Package (PERMAI) comprising 22 initiatives to combat Covid-19.
Meanwhile on January 19, US Treasury Secretary nominee Janet Yellen made the case for a large-scale fiscal stimulus to cushion the economic blow from Covid-19 during her confirmation hearing in Washington.
On January 20, Joseph Biden was sworn in as the 46th US President, instilling optimism among traders.
On a Friday-to-Friday basis, the benchmark FBM KLCI slipped 30.27 points to 1,596.74 from last week’s 1,627.01.
On the scoreboard, the FBM Emas Index decreased 142.72 points to 11,563.62, the FBMT 100 Index receded 142.72 points to 11,563.62, the FBM 70 rose 73.27 points to 14,901.68, the FBM Emas Shariah Index eased 155.74 points to 13,048.95 and the FBM ACE Index declined 38.1 points to 10,758.01.
Sector-wise, the Financial Services Index was down 145.78 points to 14,885.66 and the Industrial Products and Services Index inched down 1.45 points to 177.35, while the Plantation Index dropped 142.20 points to 7,223.16.
The Energy Index decreased 24.98 points to 834.07, the Healthcare Index was 59.03 points lower at 3,549.79 but the Technology Index increased 5.2 points to 80.64.
Weekly turnover decreased to 33.18 billion units worth RM22.61 billion from 34.50 billion units worth RM25.36 billion last week.
Main Market volume eased to 18.94 billion shares valued at RM17.51 billion from 21.58 billion shares valued at RM21.07 billion previously.
Warrants turnover declined to 1.98 billion units worth RM315.38 million from 2.52 billion units worth RM403.12 million in the previous week.
The ACE Market volume rose to 12.25 billion shares valued at RM4.78 billion from 10.40 billion shares valued at RM3.89 billion previously. — Bernama