KUALA LUMPUR, Oct 22 — Buying momentum from institutional investors is likely to lend support to Bursa Malaysia next week amid cautious market undertone in the region, said an analyst.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng anticipated the FBM KLCI to continue its uptrend within the range of 1,430-1,460 next week with immediate resistance at 1,470 with support at 1,400.
He said global equity markets have been very volatile recently as investors are worried that major economies will be pushed into recession before inflation is tamed.
Meanwhile, another dealer said the 15th General Election (GE15) polling date announcement had lent support to the market.
The FBM KLCI closed at an intraday high at 1,446.42 on Friday, spurred by persistent buying momentum in selected banking heavyweights after the announcement of the GE15 polling date to be on Nov 19.
On a Friday-to-Friday basis, the FBM KLCI advanced 63.95 points to 1,446.42 from 1,382.47 a week earlier.
On the index board, the FBM Emas Index surged 362.58 points to 10,220.90, the FBM 70 improved 123.93 points to 12,028.63, and the FBMT 100 Index strengthened 363.0 points to 9,970.46.
The FBM Emas Shariah Index widened 342.61 points to 10,197.40 and the FBM ACE went up 149.17 points to 4,801.27.
Sector-wise, the Financial Services Index bagged 637.60 points to 16,511.08, the Industrial Products and Services Index edged up 5.88 points to 172.76, the Plantation Index garnered 385.40 points to 6,807.27 and the Energy Index gained 10.86 points to 679.55.
During the trading week, weekly turnover increased to 11.36 billion units worth RM9.03 billion from 8.48 billion units worth RM6.87 billion in the previous week.
The Main Market volume was higher at 7.24 billion shares valued at RM7.85 billion against last week’s 5.38 billion shares valued at RM6.03 billion.
Warrant volume improved to 1.41 billion units worth RM232.65 million from 1.33 billion units worth RM195.11 million previously.
The ACE Market volume appreciated to 2.71 billion shares valued at RM287.66 million from 1.77 billion shares valued at RM639.07 million. — Bernama
