Bursa Malaysia likely to trade sideways next week

Weak investor sentiment has sent global markets to a jittery mode as concerns kept growing over the possibility of the company’s massive defaults. — Bernama pic
Weak investor sentiment has sent global markets to a jittery mode as concerns kept growing over the possibility of the company’s massive defaults. — Bernama pic

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KUALA LUMPUR, Sept 25 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to move sideways next week, with immediate support-resistance level at between 1,520 and 1,560, said an analyst.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the brokerage advised investors to reduce trading size and reserve funds to add should there be more clarity or better signals from the market. This is in view of the greater market volatility and jittery sentiment.

In line with its regional peers, Bursa Malaysia witnessed cautious trading throughout the week amid the uncertainty surrounding China’s property developer Evergrande Group.

Weak investor sentiment has sent global markets to a jittery mode as concerns kept growing over the possibility of the company’s massive defaults.

On a Friday-to-Friday basis, the benchmark index eased 16.45 points to end the week at 1,532.06 from 1,548.51 previously.

On the index board, the FBM Emas Index was 89.81 points weaker at 11,276.01, the FBMT100 Index slipped 86.34 points to 10,973.52, and the FBM Emas Shariah Index lost 110.11 points to 12,304.03.

The FBM 70 added 4.50 points to 15,011.79 while the FBM ACE reduced 39.0 points to 7,162.22.

Sector-wise, the Plantation Index shed 130.77 points to 6,295.65, the Financial Services Index tumbled 96.36 points to 15,193.44, and the Industrial Products and Services Index edged up 0.95 of-a-point to 200.56.

The Healthcare Index dropped 126.54 points to 2,489.87 and the Energy Index slid 18.23 points to 711.54, but the Technology Index gained 3.30 points to 96.88.

During the week, weekly turnover increased to 23.05 billion units worth RM15.80 billion from 18.20 billion units valued at RM12.65 billion in the previous week.

The Main Market volume weakened to 14.96 billion shares worth RM13.68 billion against last week’s 11.79 billion shares worth RM11.26 billion.

Warrants volume was higher at 1.71 billion units valued at RM295.22 billion versus 1.53 billion units valued at RM243.55 million previously.

The ACE Market volume rose to 6.26 billion shares worth RM1.81 billion from 4.76 billion shares worth RM1.14 billion last week. — Bernama

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