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KUALA LUMPUR: Trading on Bursa Malaysia is expected to be volatile next week, driven by unfavourable external developments.
Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said for this year, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was at its lowest on June 28, where it touched 1,657.78 and there is a risk for it to be close to that level.
“Sentiment on the local market is largely influenced by Wall Street’s performance and considering market players’ concerns over US corporate earnings and the outlook for the world’s largest economy, we believe the FBM KLCI would likely be volatile next week.
“We believe the FBM KLCI will trade lower, but do not expect a big drop,” he told Bernama.
On the technical front, PublicInvest Research said the FBM KLCI is anticipated to consolidate between the 1,664 and 1,700 marks, with support levels at 1,622, 1,664 and 1,680, and the resistance levels at 1,700, 1,719 and 1,735.
For the week just-ended, Bursa Malaysia was mostly lower, which was in line with the decline on Asian markets as traders tracked Wall Street’s losses after a steep sell-off in US tech companies.
On a Friday-to-Friday basis, the benchmark FBM KLCI settled 49.08 points lower at 1,683.06.
The FBM Emas Index lost 379.41 points to 11,591.11, the FBMT100 Index decreased 352.77 points to 11,447.22 and the FBM Emas Syariah Index declined 379.41 points to 11,591.11.
The FBM 70 fell 483.41 points to 13,290.74 and the FBM Ace lost 324.91 points to 4,775.05.
On a sectoral basis, the Finance Index decreased 420.59 points to 17,144.87, the Plantation Index was 102.63 points lower at 7,324.34 and the Industrial Products and Services Index edged down 4.77 points to 168.34.
Weekly turnover decreased to 7.96 billion units valued at RM8.02 billion against 10.15 billion units valued at RM10.68 billion.
Main Market volume was lower at 5.54 billion shares worth RM7.52 billion versus 6.71 billion shares worth RM10.03 billion.
Warrants turnover declined to 1.27 billion units valued at RM262.7 million from 1.90 billion units valued at RM357.70 million.
The ACE Market volume declined to 1.14 billion shares worth RM241.96 million from 1.57 billion shares worth RM289.37 million. — Bernama
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