Bursa Malaysia to trend higher next week
KUALA LUMPUR: Bursa Malaysia is expected to trend higher next week with the composite index likely to breach the 1,900 level amid volatile trading, said Inter-Pacific Securities Sdn Bhd Head of Research, Pong Teng Siew.
However, he noted that the global economic outlook or external factors would still set the direction for the local bourse.
"Right now, it very much depends on external factors rather than domestic factors. Investors are already used to it, but it would be a different matter if the general election results are out, only then it would really have impact on the stock market," he told Bernama.
He noted that the support levels were spotted at 1,868, 1,880 and 1,887 while resistance levels were at 1,899, 1,903 and 1,914.
On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI was 19.28 points higher at 1,887.75 from 1,868.47 last week.
The key index moved on an upward momentum and hit an all-time high on Thursday at 1,895.18, thanks to the international benchmark Brent crude oil price, which rallied to as high as US$74.44 (US$1 = RM3.88).
The composite index last reached its high of 1,892.65 level on July 8, 2014.
The FBM Emas Index surged 39.02 points to 13,168.54, the FBMT100 Index increased 54.40 points to 12,976.02 and the FBM Emas Syariah Index slid 2.63 points to 13,350.07.
The FBM 70 dropped 202.55 points to 15,617.03 and the FBM Ace slipped 202.01 points to 5,444.12.
On a sectoral basis, the Finance Index chalked up 226.0 points to 18,487.84, the Industrial Index rose 63.72 points to 3,284.70 but the Plantation Index decreased 60.64 points to 7,993.89.
Weekly turnover narrowed to 13.06 billion units valued at RM11.67 billion from 16.59 billion units worth RM12.55 billion.
Main market volume declined to 8.12 billion units worth RM10.76 billion from 10.17 billion units worth RM11.57 billion.
Warrants turnover shrank to 2.75 billion units valued at RM522.99 million from 3.42 billion units worth RM449.85 million.
The ACE market volume fell to 2.16 billion shares worth RM385.95 million from 2.97 billion shares worth RM529.98 million. — Bernama