Bursa Malaysia Seen Trading Range-bound With Upside Bias Next Week

By Zufazlin Baharuddin

KUALA LUMPUR, Sept 6 (Bernama) -- Bursa Malaysia is expected to remain range-bound with a slight upward bias next week, as investors await new catalysts to determine the market’s direction.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng sees the benchmark index maintaining its sideways pattern with a mild upward bias until fresh drivers emerge. “We anticipate the index to trend within the 1,570–1,600 points range next week, representing its support and resistance levels,” he told Bernama.

Thong noted that the benchmark index hovered between 1,570 and 1,580 points this week, consolidating as the absence of new catalysts and ongoing foreign outflows limited upside momentum.

Next week, market players will be eyeing new economic data, including Malaysia’s industrial production and manufacturing sales value, while in the United States, key releases include the consumer price index, producer price index and initial jobless claims.

On a weekly basis, the FBM KLCI rose 3.03 points to 1,578.15 on Thursday from 1,575.12 on last Friday.

The FBM Emas Index climbed 12.40 points to 11,715.29, the FBMT 100 Index gained 9.59 points to 11,715.29, and the FBM Emas Shariah Index added 26.44 points to 11,484.16.  The FBM ACE Index gained 16.71 points to 4,738.73 while the FBM 70 Index declined 41.53 points to 16,434.71.

By sector, the Financial Services Index added 3.42 points to 18,114.44, the Plantation Index gained 9.98 points to 7,604.43, the Industrial Products and Services Index firmed 0.77 of a point to 162.99, and the Energy Index expanded 3.40 points to 743.62.

Weekly turnover fell to 7.92 billion units worth RM7.89 billion from 16.30 billion units worth RM18.65 billion in the previous week.

The weekly Main Market volume slumped to 4.39 billion units valued at RM7.17 billion compared with 9.45 billion units valued at RM17.28 billion previously.

Warrant turnover tumbled to 2.44 billion units worth RM359.34 million from 4.74 billion units worth RM642.47 million in the preceding week.

The ACE Market volume shrank to 1.07 billion units valued at RM362.01 million, versus 2.11 billion units valued at RM721.77 million previously.

-- BERNAMA