Bursa Malaysia Seen Trading Sideways With Upside Bias Next Week

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia is expected to continue moving sideways in the near term with an upside bias supported by sustained buying interest during market dips, an analyst said.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said such a consolidation pattern often precedes a more sustainable market climb, especially when fresh catalysts emerge. “In short, the index is consolidating for now, but the medium-term outlook remains positive with an upward bias. As such, we anticipate the FBM KLCI to trend within the range of 1,580-1,620 points for next week,” he told Bernama.

Bursa Malaysia was closed on Sept 15 (Monday), which was an additional public holiday in conjunction with Malaysia Day on Sept 16 (Tuesday). During the shortened trading week (Sept 17-19), the market ended mixed on profit-taking due to a lack of fresh catalysts.

On a Friday-to-Friday basis, the FBM KLCI eased 1.90 points to 1,598.23 from last week’s 1,600.13. 

The FBM Emas Index advanced 33.71 points to 11,896.43, the FBMT 100 Index gained 23.54 points to 11,647.31, and the FBM Emas Shariah Index added 73.08 points to 11,963.37. The FBM ACE Index widened 113.16 points to 4,915.43 while the FBM 70 Index expanded 198.83 points to 16,743.40.

By sector, the Plantation Index gained 44.80 points to 7,744.34, and the Industrial Products and Services Index added 2.83 points to 168.11, but the Financial Services Index erased 65.12 points to 18,003.30. The Energy Index firmed up 12.42 points to 755.32.

Weekly turnover narrowed to 9.29 billion units worth RM9.85 billion from 12.52 billion units worth RM11.25 billion in the previous week.

The weekly Main Market volume fell to 5.82 billion units valued at RM9.06 billion compared with 6.96 billion units worth RM9.98 billion previously.

Warrant turnover dropped to 2.13 billion units worth RM337.95 million from 4.03 billion units worth RM660.45 million in the preceding week.

The ACE Market volume fell to 1.32 billion units valued at RM443.50 million, from 1.52 billion units worth RM610.19 million previously.

-- BERNAMA