KUALA LUMPUR, Feb 18 — Bursa Malaysia is likely to see cautious trading next week with market sentiment weighed down by bearish internal and external developments.
SPI Asset Management managing director Stephen Innes said the FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to continue tracking its regional peers and Wall Street’s performance, which is expected to stage a downside correction.
“The index may test below 1,465 while resistance is at 1,480, but it really depends on the US economic data, which will determine how high US yields will go,” he told Bernama.
However, another dealer believes that cautious sentiment on the global front might capped the buying momentum on the local bourse next week.
Bursa Malaysia experienced volatile trading throughout the week, in line with the sentiment on the regional markets, as investors were concerned over the stronger-than-expected US inflation report.
This week, the US Consumer Price Index (CPI) for January 2023 showed inflation cooling down further to 6.4 per cent year-on-year, but slightly higher than the economists’ prediction of 6.2 per cent,
On a Friday-to-Friday basis, the FBM KLCI rose 2.31 points to end at 1,476.90.
On the index board, the FBM Emas Index advanced 2.12 points to 10,742.16, the FBMT 100 Index added 4.51 points to 10,742.16, the FBM Emas Shariah Index went up 56.07 point to 11,102.48.
The FBM 70 Index lost 44.55 points to 13,525.43 and the FBM ACE Index was 84.34 points lower at 5,659.66.
Sector-wise, the Plantation Index fell 48.97 points to 6,837.68, the Energy Index eased 12.53 points to 883.84, the Financial Services Index was down by 77.15 points to 16,036.22, while the Industrial Products and Services Index climbed 0.37 of-a-point to 190.52.
Weekly turnover improved to 18.22 billion units worth RM10.88 billion against 16.84 billion units worth RM10.22 billion last week.
The Main Market volume was slightly higher at 11.54 billion shares valued at RM8.79 billion from 11.26 billion shares valued at RM8.53 billion a week ago.
Warrants turnover rose to 1.93 billion units worth RM265.51 million from 1.40 billion units worth RM183.89 million previously.
The ACE Market volume expanded to 4.74 billion shares worth RM1.82 billion from 4.17 billion shares worth RM1.52 billion last week. — Bernama
