KL shares to trade on mix note next week

KUALA LUMPUR: Bursa Malaysia is expected to trade mix with easier buying next week on the back of stronger US dollar and declining oil prices.

The Greece election results and mixed signals from the US Federal Reserve's (Fed) statement would also dent market sentiment, Affin Hwang Investment Bank Head of Retail Research Datuk Dr Nazri Khan said.

"The biggest question mark in the markets is whether the Fed will start hiking rates, while many other central banks around the world are easing policy rates," he told Bernama.

The benchmark FTSE Bursa Malaysia KLCI should test the uptrend channel support at 1,770, he said, adding that, a move below this key support would open the door for further aggressive selling.

For the local bulls, they will get their closer back over 1,800 to hold the uptrend, Nazri said.

As for stock picks, he said some quality stocks are well positioned for the continuity of 2015 Economic Transformation Programme policy.

They include Tenaga Nasional, Sime Darby, DiGi, LPI Capital, Bursa Malaysia, QL Resource, Unisem, IJM Land, Mitra and Evergreen.

Bursa Malaysia will be closed on Monday and Tuesday for the Federal Territory Day (replacement) and Thaipusam holidays.

For the week just ended, the FBM KLCI declined 21.82 points to 1,781.26 from 1803.08 on Friday.

The FBM Emas Index declined 140.16 points to 12,271.94, the FBMT100 Index slipped 131.78 points to 11,978.45 and the FBM Emas Syariah Index was 140.16 points lower at 12,271.94.

The FBM 70 decreased 89.5 points to 13,371.65, while the FBM Ace improved 196.3 points to 6,556.9.

Sector-wise, the Industrial Index went down 43.22 points to 3,246.62, the Finance Index declined 174.42 points to 15,501.87, while the Plantation Index garnered 9.36 points to 7,941.45.

Weekly turnover decreased to 9.74 billion units valued at RM11.07 billion from 11.32 billion units worth RM12.38 billion on Friday.

Main market volume declined to 6.32 billion shares worth RM10.31 billion from 7.65 billion shares valued at RM11.39 billion last week.

Warrant turnover narrowed to 574.79 million units worth RM158.67 million from 896.46 million units valued at RM341.45 million previously.

The ACE market volume increased to 2.84 billion shares valued at RM595.3 million from 2.77 billion shares worth RM642.98 million on Friday. – Bernama