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Bursa Malaysia to trade in consolidation with upward bias next week

Last update: 09/11/2019
By Aishah Mohmad Afandi

KUALA LUMPUR, Nov 9 -- Bursa Malaysia is expected to trade in consolidation with an upward bias as the market awaits several key economic data next week.

An analyst said given the positive global market sentiment, coupled with reassuring local data, the local bourse could move with an upward bias between 1,610 and 1,620 next week.

However, she said investors would remain cautious on the US-China trade talks front despite both countries having agreed to roll back tariffs imposed on each other's goods.

"However, the market has been constantly reacting to any development involving the two economic powerhouses. They mostly ended up in despair, so it has put investors on their toes," she told Bernama.

The upbeat prospects in the US-China trade talks had pushed up stock markets globally this week and prompted the International Monetary Fund to say it might revise up forecasts for global growth next year.

Meanwhile, Phillip Capital Management senior vice president (investment) Datuk Dr Nazri Khan Adam Khan said on the technical front, the FBM KLCI had managed to stay above the meaningful 1,600-point mark, which is an indication that the bulls manage to maintain its influence over the bears.

"As the bullish bias, we detect that the ‘gap up’ continuation pattern remains intact and we expect to see more positive follow-through in the future sessions,” he said.

He added that tracking regional performance and the trade war thaw between the US and China, the FBM KLCI could extend its rally higher as investors were fuelled by optimism on a resolution for the trade deal that would revive global economic growth.

"However, we also view that the investors remain cautious for more events in the US-China trade war as the two economic powerhouses work towards reaching a deal," he said.

In the coming week, the market will be influenced by the US-China trade relations on the external front while on the local front line, unemployment rate and industrial production data will be released on Monday (Nov 11), followed by retail sales data on Tuesday, and third-quarter gross domestic product and current account data on Friday.

On a Friday-to-Friday basis, the FBM KLCI rose 16.39 points to 1,609.73 from 1,593.34 previously.

On the scoreboard, the FBM Emas Index surged 115.59 points to 11,395.72, the FBMT 100 Index advanced 117.66 points to 11,207.06 and the FBM Emas Shariah Index gained 69.40 points to 11,824.38.

The FBM 70 jumped 162.64 points to 14,102.56 and the FBM Ace Index inched up 0.98 of-a-point to 4,980.41.

Sector-wise, the Financial Services Index shot up 196.88 points to 15,771.55, the Industrial Products and Services Index ticked up 1.76 points to 154.95, and the Plantation Index garnered 126.11 points to 6,875.15.

Weekly turnover increased to 13.80 billion units worth RM9.88 billion from 10.31 billion units worth RM7.94 billion last week.

Main Market volume rose to 9.55 billion units worth RM8.8 billion from the previous week's 7.03 billion units worth RM7.19 billion.

Warrants turnover climbed to 1.59 billion units worth RM291.98 million worth compared with 1.22 billion units worth RM204.69 million previously.

The ACE Market volume surged to 2.65 billion worth RM760.66 million from 2.06 billion units worth RM546.45 million previously.


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