KUALA LUMPUR, May 6 — The FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to remain in its sideways pattern next week within the 1,420-1,435 points level, a dealer said.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors are cautious over the short term due to heightened regional market volatility and external uncertainties.
“On a technical point of view, we spot the immediate support at 1,415 while the resistance level is at 1,440,” he told Bernama.
During the shortened trading week, the FBM KLCI moved in a tight range between 1,415 and 1,431 points tracking the performance of Wall Street and the regional equity markets.
Bank Negara Malaysia’s (BNM) move of raising the overnight policy rate (OPR) by 25 basis points (bps) to 3.00 per cent on Wednesday also influenced the local market with finance-related stocks gaining some buying support.
The market was closed on Monday and Thursday in conjunction with Labour Day and Wesak Day respectively.
On a Friday-to-Friday basis, the FBM KLCI rose 15.08 points to end at 1,431.04 from last week’s 1,415.96.
On the index board, the FBM Emas Index gained 61.86 points to 10,458.25, the FBMT 100 Index improved 73.61 points to 10,153.83 and the FBM Emas Shariah Index increased 21.94 points to 10,758.73.
The FBM 70 Index however dropped 41.05 points to 13,481.53 while the FBM ACE Index was down 155.38 points to 5,213.00.
Sector-wise, the Financial Services Index garnered 189.20 points to 15,708.73, but the Energy Index shed 19.13 points to 828.24, the Industrial Products and Services Index trimmed 1.96 points to 169.49, while the Plantation Index ticked up 16.41 points to 6,833.79.
Weekly turnover was lower at 8.95 billion units valued at RM4.52 billion, versus 10.26 billion units worth RM6.15 billion last week.
The Main Market volume fell slightly to 6.21 billion shares worth RM3.76 billion, compared to 6.90 billion shares valued at RM5.21 billion the previous week.
Warrant turnover shrank to 928.55 million units valued at RM182.56 million, from 1.05 billion units worth RM185.51 million previously.
The ACE Market volume dropped to 1.80 billion shares worth RM571.50 million, from 2.31 billion shares valued at RM858.61 million last week. — Bernama
