[ad_1]
KUALA LUMPUR (Dec 19): Bursa Malaysia is expected to be in consolidation mode with a bullish bias to trade between 1,640 and 1,660 points next week, a dealer said.
Bank Islam Malaysia economist Adam Mohamed Rahim said that heading into next week, business activities may take a breather, especially before the Christmas holiday on Friday.
Traders will analyze Malaysia’s inflation data for the month of November to be released next Wednesday to find out the direction of the market, he said.
Meanwhile, Inter-Pacific Asset Management Sdn Bhd CEO Datuk Dr. Nazri Khan Adam Khan told Bernama that Bursa Malaysia is in bullish consolidation mode and is expected to pick up probably by the middle of next week. after going through a technical consolidation.
“Sentiment around the market remained positive with Wall Street surprisingly at an all-time high due to the impending $ 900 stimulus package, the Federal Reserve kept the US interest rate lower for longer, as well as the Covid-19 vaccine. outside.
“On the local front, the political noise has died down after the approval of the Budget 2021 along with the high prices of raw materials such as crude oil and crude palm oil. This would help lift the confidence of our stock market amid the year-end showcase, “he said.
He added that stocks linked to infrastructure, banks, construction, property and telecommunications are expected to remain the top options for traders for the remaining days of 2020.
For the week that just ended, Bursa Malaysia snapped its five-day winning streak on Monday, but recovered on Tuesday and Wednesday after the 2021 Budget passed the third reading in Parliament.
However, it succumbed to profit-taking and technical correction on Thursday and Friday, while the financial sector and the glove maker remained in active trading to set the tone for the market.
Overall, the benchmark FBM KLCI index fell 32.09 points to 1,652.49 from 1,684.58 recorded a week earlier.
On the scoreboard, the FBM Emas index fell 195.22 points to 11,890.49, the FBMT 100 index decreased 198.69 points to 11,650.05, the FBM 70 decreased 151.41 points to 15,218.60, the FBM ACE index fell 623.45 points to 10,447.65, and the FBM Emas Shariah index decreased 97.06 points to 13,334.47.
Regarding the sector, the financial services index fell 621.13 points to 15,425.0, the plantations index was 62.29 points below 7,349.80 and the industrial products and services index dropped 1.98 points to 175 , 69.
The Energy Index lost 40.27 points to 908.05, the Health Index lost 120.18 points to 3,702.31, while the Technology Index rose 1.47 points to 67.87.
Weekly turnover decreased to 50.37 billion units worth RM26.15 billion from 57.76 billion units worth RM31.32 billion last week.
Main market volume was down to 32.40 billion shares valued at RM22.03 billion versus 35.93 billion shares valued at RM25.03 billion previously.
Warrant turnover expanded to 4.97 billion units worth RM804.71 million from 4.74 billion units worth RM821.83 million in the previous week.
ACE Market volume fell to 13.04 billion shares valued at RM3.31 billion from 17.08 billion shares valued at RM5.45 billion previously.
[ad_2]
