According to an analyst, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is projected to trend sideways next week, with an immediate support-resistance level between 1,520 and 1,560.
Thong Pak Leng, vice-president of equities research at Rakuten Trade Sdn Bhd, told Bernama that the brokerage encouraged investors to limit trading size and reserve funds to add if the market provided more clarity or better indications. This is due to increased market volatility and nervous emotions.
Bursa Malaysia traded cautiously throughout the week, in line with its regional rivals, due to the uncertainty surrounding China’s property giant Evergrande Group.
Weak investor mood has put global markets into a tailspin as concerns about the company’s significant defaults have grown.
On a weekly basis, the benchmark index fell 16.45 points to 1,532.06, down from 1,548.51 the previous week.
The FBM Emas Index was 89.81 points lower at 11,276.01, the FBMT100 Index was 86.34 points lower at 10,973.52, and the FBM Emas Shariah Index was 110.11 points worse at 12,304.03.
The FBM 70 increased its score by 4.5 points to 15,011.79, while the FBM ACE decreased its score by 39 points to 7,162.22.
The Plantation Index down 130.77 points to 6,295.65, the Financial Services Index fell 96.36 points to 15,193.44, and the Industrial Products and Services Index rose 0.95 point to 200.56.
The Healthcare Index down 126.54 points to 2,489.87, while the Energy Index fell 18.23 points to 711.54. However, the Technology Index rose 3.3 points to 96.88.
Weekly turnover jumped to 23.05 billion units worth RM15.8 billion during the week, up from 18.2 billion units worth RM12.65 billion the previous week.
The Main Market volume fell to 14.96 billion shares for RM13.68 billion from 11.79 billion shares worth RM11.26 billion the previous week.
Warrants volume increased to 1.71 billion units worth RM295.22 billion from 1.53 billion units worth RM243.55 million earlier.
The ACE Market volume increased to 6.26 billion shares worth RM1.81 billion last week, up from 4.76 billion shares worth RM1.14 billion the previous week.
Published by Zack Baharum