KUALA LUMPUR – Bursa Malaysia is expected to trade in cautious mode next week as uncertainties in the global economy continue to weigh on sentiment.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the benchmark index is likely to trend in the 1,390 to 1,410 range next week, and that bargain hunting may prevail as the FBM KLCI remained in an oversold position.
“Nonetheless, the pressure on local and regional stocks is expected to continue as interest rates and bond yields race higher. From the technical point of view, immediate support will be seen at 1,380 and resistance at 1,410,” he told Bernama.
For the week just ended, Bursa Malaysia headed south, in line with regional markets, mainly tracking Wall Street’s performance.
The FBM KLCI dipped below the 1,400-mark on Thursday amid a lack of buying support.
On a Friday-to-Friday basis, the FBM KLCI fell 30.35 points to 1,394.63 from 1,424.98, amid growing concerns of a global recession.
The FBM Emas Index was down by 220.52 points to 9,976.86, the FBMT 100 Index lost 204.92 points to 9,728.70, the FBM Emas Shariah Index dropped 230.17 points to 10,008.03, the FBM ACE was 108.76 points lower at 4,657.87 and the FBM 70 dipped 229.98 points to 12,201.81.
Sector-wise, the Plantation Index decreased 190.95 points to 6,473.76, the Industrial Products and Services Index eased 2.33 points to 169.87, the Financial Services Index shaved 346.12 points to 15,922.45 and the Energy Index slid 42.46 points to 670.18.
Weekly turnover rose to 10.90 billion units worth RM9.60 billion compared to 10.66 billion units worth RM8.32 billion in the previous week.
The Main Market volume was lower at 6.72 billion shares valued at RM8.17 billion against 7.02 billion shares valued at RM7.06 billion in the previous week.
Warrants volume expanded to 1.33 billion units worth RM221.78 million from 1.13 billion units worth RM158.78 million last week.
The ACE Market volume went up to 2.84 billion shares valued at RM1.31 billion from 2.52 billion shares valued at RM1.10 billion the week before. – Bernama, October 1, 2022
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