Bursa Malaysia likely to improve in bargain searches next week

Kuala Lumpur: Bursa Malaysia is likely to trade better with bargain-hunting activity to take the stage next week, given strong corporate earnings and positive economic data.

Inter-Pacific Asset Management CEO Sdn Bhd and fund manager Datuk Dr. Nazri Khan Adam Khan said the FTSE Bursa Malaysia KLCI (FBM KLCI) Index is expected to trend higher in a range of 1,520-1,530 next week.

Technically, the next resistance is at 1530 and the support at 1480.

He said that the index remained at the 1500 level this week – the highest level in two months.

“Obviously, we can see an increase in domestic and foreign buying mostly in bank stocks, with the market tracking the region’s peers, who were also trading positively,” he told Bernama.

From now on, he said the positive development indicates that the stock market has more optimism from internal as well as external factors such as the US stock market’s strongest performance in three months.

On the geopolitical tensions between China and Taiwan, Nazri Khan said the market will trade sideways if the China-Taiwan tension takes center stage.

“If there is any escalating political tension between the two countries, we may see some side dealings, but so far there are no indications that the tension will escalate,” he added.

At Friday’s close, the FBM KLCI index fell 6.16 points to 1501.55 from 1507.71 on Thursday.

On a weekly basis, the benchmark index expanded by 9.32 points to 1501.55 from 1492.23 at the end of the previous week.

On the index board, the FBM Emas rose by 57.55 points to 10659.45, the FBM Sharia Emas increased 95.55 points to 10830.32, the FBM 70 rose by 17.22 points to 12,775.66, the FBMT 100 rose 52.80 points to 10405.68 and the FBM ACE index improved. 26.03 points to 4874.03 points.

At the sectoral level, the Plantation index jumped 126.93 points to 7,125.27, while the financial services index fell by 15.07 points to 16630.32, the energy index was weaker by 18.21 points at 653.03, and the industrial products and services index lost 0.39 points to 183.98 points. .

Weekly trading volume was marginally higher at 12.41 billion units worth 7.96 billion RM from 12.23 billion units worth 7.5 billion RM in the previous week.

The main market volume decreased to 8.07 billion shares worth 6.75 billion RM from 8.57 billion shares worth 6.45 billion RM in the previous week.

The volume of orders increased to 1.56 billion units worth RM 269.81 million from 1.50 billion units worth RM 275.57 million last week.

ACE’s market volume increased to 2.76 billion shares worth RM938.56 million from 2.16 billion shares worth RM770.09 million in the previous week. – program

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