Bursa Malaysia's Key Index Seen In The 1,620-1,650 Range Next Week
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, Oct 3 (Bernama) -- Bursa Malaysia’s key index is expected to hover within the 1,620-1,650 range next week, with selective accumulation of quality blue-chip stocks likely to emerge on weakness, said an analyst.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the 1,620 area should serve as the immediate support zone, while a recovery above 1,650 could pave the way towards 1,660.
“A stronger move beyond 1,660 would improve the near-term technical picture, although a more sustainable recovery would still require easing bond yields, greater stability in crude oil prices and stronger participation from index heavyweights,” he told Bernama.
For the trading week ended yesterday, profit-taking and selling pressure dominated early trading, while the subsequent sharp sell-off prompted bargain hunting as the market entered oversold conditions.
On a Friday-to-Friday basis, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 40.75 points to 1,630.87 at yesterday’s close from 1,671.62 a week earlier.
On the index board, the FBM Emas Index decreased 286.07 points to 12,170.57, the FBM Top 100 Index fell 285.78 points to 11,957.68, the FBM Emas Shariah Index shed 245.91 points to 12,060.32, the FBM ACE Index inched down 3.40 points to 5,529.46, and the FBM Mid 70 Index slid 362.98 points to 17,481.93.
By sector, the Energy Index slipped 28.80 points to 833.03, the Plantation Index erased 278.32 points to 9,056.55, the Industrial Products and Services Index shaved off 5.58 points to 178.52, and the Financial Services Index trimmed 509.98 points to 19,040.51.
Weekly turnover firmed to 17.39 billion units worth RM14.42 billion from 17.11 billion units worth RM14.07 billion in the previous week.
Main Market volume declined to 10.31 billion units valued at RM12.69 billion from 10.41 billion units valued at RM12.31 billion previously.
Warrants turnover grew to 4.40 billion units worth RM708.35 million from 4.21 billion units worth RM661.61 million in the previous week.
ACE Market volume shrank to 2.67 billion units valued at RM1.00 billion compared with 2.48 billion units valued at RM1.09 billion in the previous week.
-- BERNAMA