Bursa Malaysia to hover between 1,420 and 1,450 next week
By FocusM |   |  Mainstream

BURSA Malaysia is likely to hover at the 1,420 to 1,450 level next week, supported by expected rotational play among the rubber glove and logistics counters.

Rakuten Trade Sdn Bhd vice-president of research Vincent Lau said with Covid-19 vaccine developments remained in doubt, rubber glove stocks were expected to stay in the spotlight next week.

GDex’s active trading yesterday was also expected to have a spillover effect next week, he said.

“However, external factors, especially the intensified tensions between the United States and China, would continue to affect investors’ sentiment next week,” he told Bernama.  

Asked if the Hari Raya Aidilfitri holiday-shortened week ahead would have any implication on investors’ buying interest, Lau dismissed the idea. 

He said traders, who were likely to stay at home due to the Conditional Movement Control Order (CMCO), would continue investing via the online platform.

Bursa Malaysia Bhd and its subsidiaries will be closed on Monday and Tuesday in lieu of the Hari Raya Aidilfitri celebration. Trading will resume on Wednesday, May .

Throughout the week, the market traded mostly higher, with trading vo27lume touching an all-time high of 11.21 billion units, supported by an overwhelming buying interest from retail participants amid the lower Overnight Policy Rate (OPR) of 2.0%.

The FTSE Bursa Malaysia KLCI (FBM KLCI) hit a two-month high of 1,452.11 on Thursday, as rubber glove and energy counters continued to gain traction amid scepticism over Covid-19 vaccine developments and firmer crude oil prices.

However, the key index succumbed to profit-taking yesterday, ahead of Hari Raya Aidilfitri, as it had been rising about five per cent since the start of the previous week. 

On a Friday-to-Friday basis, the index rose 33.32 points to end at 1,436.76.

On the scoreboard, the FBM Emas Index strengthened 309.06 points to 10,177.12, the FBMT 100 Index expanded 309.21 points to 10,025.32 and the FBM Emas Shariah Index soared 486.29 points to 11,620.34.

The FBM 70 surged 703.75 points to 12,695.16 but the FBM ACE Index eased 2.31 points to 5,387.79.

Sector-wise, the Industrial Products and Services Index eked out a gain of 3.51 points to 124.39, the Plantation Index was 525.69 points higher at 6722.85, and the Financial Services Index increased 113.52 points to 12,380.73.

For the week just ended, weekly turnover surged to 41.29 billion units worth RM21.53 bil from 32.22 billion units worth RM16.74 bil in the previous week.

Main Market volume widened to 30.09 billion shares valued at RM18.77 bil from 18.74 billion shares worth RM13.12 bil previously.

Warrants turnover almost doubled to 3.16 billion units worth RM643.55 mil versus 1.69 billion units worth RM381.52 mil in the week before.

The ACE Market volume, however, slipped to 8.02 billion shares valued at RM2.11 bil compared with 11.82 billion shares worth RM3.23 bil in the previous week. - May 23, 2020, Bernama

 

 

 

Most Viewed