Bursa Malaysia Likely To Trade Range-bound In Holiday-Shortened Week
By Danni Haizal Danial Donald
KUALA LUMPUR, May 30 (Bernama) -- Bursa Malaysia is expected to trade range-bound with a downward bias next week due to the shortened trading week.
Bursa Malaysia will be closed on June 1 and 2 for the King’s Birthday and Wesak Day holidays, and will resume operations on June 3.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said market participants are expected to remain attentive to developments in West Asia, particularly any progress in discussions between the United States and Iran.
“While bargain hunting may lend some support to the market, volatility could persist amid uncertainty surrounding the geopolitical situation.
“We expect the FBM KLCI to trade within the 1,680-1,710 range next week,” he told Bernama.
For the week just ended, Bursa Malaysia traded lower as weaker risk appetite dampened investor sentiment.
On a weekly basis, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 29.60 points to 1,683.07 from 1,712.67 a week earlier.
On the index board, the FBM Emas Index decreased by 126.11 points to 12,580.12, the FBMT 100 Index declined by 129.22 points to 12,417.54, the FBM Emas Shariah Index slipped 40.10 points to 12,604.07, while the FBM Mid 70 Index increased 186.03 points to 18,484.33, and the FBM ACE Index rose 37.84 points to 4,763.81.
By sector, the Plantation Index dipped 84.73 points to 8,499.54, the Energy Index slid 13.80 points to 778.75, the Financial Services Index tumbled 472.81 points to 19,524.29, and the Industrial Products and Services Index shed 2.81 points to 197.82.
Weekly turnover slipped to 14.77 billion units valued at RM21.55 billion from 18.19 billion units valued at RM17.65 billion a week earlier.
The Main Market volume narrowed to 9.13 billion units valued at RM20.32 billion from 9.49 billion units valued at RM15.69 billion previously.
Warrants turnover dwindled to 3.38 billion units valued at RM422.21 million compared with 4.84 billion units valued at RM614.26 million last week.
The ACE Market volume dropped to 2.25 billion units valued at RM801.54 million from 3.58 billion units valued at RM1.42 billion in the previous week.
Bursa Malaysia will be closed on June 1 and 2 for the King’s Birthday and Wesak Day holidays and will resume operations on June 3.
-- BERNAMA