KUALA LUMPUR: Bursa Malaysia is likely to trend higher next week, to retest the 1,500 mark, on improved sentiment despite the regional market volatility, said an analyst.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng expects the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend within the 1,480-1,510 range.

“From a technical point of view, the immediate resistance is spotted at 1,500, followed by 1,530, while support is at 1,470,“ he told Bernama.

Meanwhile, Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the focus will shift onto the tentative release of the local retail sales and industrial production data next Friday (Dec 9, 2022), as well as the announcement of a special meeting of Parliament in order to proceed with the re-tabling of Budget 2023.

“Investors are also monitoring the US unemployment rate data to be released on Friday (Dec 2).

“Technically, the FBM KLCI will remain sideways with a trading range of between 1,465 and 1,500,“ Leong said.

For the holiday-shortened trading week just ended, the benchmark FBM KLCI moved in choppy trading.

The market was closed on Monday in conjunction with the special public holiday announced by the 10th Prime Minister Datuk Seri Anwar Ibrahim.

The FBM KLCI was lower on Tuesday on profit-taking, dragged down by negative global sentiment as protests over China’s strict COVID-19 restriction stoked worries over the global financial recovery.

The market then rebounded to end higher on Wednesday and Thursday on bargain-hunting, before turning downbeat on Friday as investors’ sentiments turned cautious ahead of the upcoming announcement on the new Cabinet line-up.

On a Friday-to-Friday basis, the key index eased 4.74 points to 1,481.80 from 1,486.54 on Friday last week.

On the index board, the FBM Emas Index increased 76.41 points to 10,653.20, the FBMT 100 Index garnered 57.46 points to 10,357.15, the FBM 70 soared 432.84 points to 13,071.19, the FBM Emas Shariah Index expanded 190.29 points to 10,877.91, while the FBM ACE chalked up 174.25 points to 5,365.89.

Sector-wise, the Industrial Products and Services Index slid 3.54 points to 181.82, the Plantation Index eased 9.30 points to 6,807.85, the Financial Services Index dipped 252.74 points to 16,446.42, while the Energy Index climbed 41.02 points to 800.11.

Weekly turnover shrank to 15.39 billion units worth RM12.23 billion from 22.82 billion units worth RM13.19 billion in the previous week.

The Main Market volume dwindled to 9.42 billion shares valued at RM10.67 billion against last week’s 17.84 billion shares valued at RM11.92 billion.

Warrants volume fell to 1.44 billion units worth RM247.57 million from 1.84 billion units worth RM249.65 million previously.

The ACE Market volume expanded to 4.53 billion shares valued at RM1.31 billion from 2.84 billion shares valued at RM1.02 billion on Friday a week ago. - Bernama