KUALA LUMPUR – The benchmark FTSE Bursa Malaysia KLCI is likely to trade sideways next week, with an immediate support resistance level of between 1,520 and 1,560, said an analyst.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the brokerage has advised investors to reduce trading size and reserve funds to add should there be more clarity or better signals from the market.
This is in view of greater market volatility and jittery sentiment.
In line with its regional peers, Bursa witnessed cautious trading throughout the week amid the uncertainty surrounding Chinese property developer Evergrande Group.
Weak investor sentiment has sent global markets into jittery mode as concerns kept growing over the possibility of the company’s massive defaults.
On a Friday-to-Friday basis, the benchmark index eased 16.45 points to end the week at 1,532.06 from 1,548.51 previously.
Weekly turnover increased to 23.05 billion units worth RM15.80 billion from 18.20 billion units valued at RM12.65 billion previously. – Bernama, September 25, 2021
