KUALA LUMPUR: Bursa Malaysia is expected to trade sideways between the 1,760 and 1,770 levels next week as it enters a consolidation mode.
Affin Hwang Investment Bank Vice-President and Head of Retail Research, Datuk Nazri Khan Adam Khan said the local market is expected to move in tandem with its global peers in consolidating, following an announcement by the US Federal Reserve on trimming its huge balance sheet.
He said the market is also expected to react to the US central bank’s indication of another interest rate hike this year.
“This might put pressure, not only on Bursa Malaysia, but also global peers,” he told Bernama.
For the week just-ended, the benchmark FTSE Bursa Malaysia KLCI lost 15.29 points to 1,771.04 from 1,786.33 last week, weighed on by a combination of the US Federal Open Market Committee meeting and long weekend factor.
The market was closed on Friday for the Awal Muharram holiday.
On a weekly basis, the FBM Emas Index was 97.96 points lower at 12,625.72 and the FBMT 100 Index shed 111 points to 12,276.94.
The FBM Emas Syariah Index retreated 96.16 points to 12,831.82 and the FBM 70 slid 155.13 points to 15,091.75, as the FBM Ace eased 40.26 points to 6,652.34.
On a sectoral basis, the Finance Index went down 70.24 points to 16,758.74, the Industrial Index fell 22 points to 3,220.55, and the Plantation Index declined 53.39 points to 7,917.27.
Total turnover declined to 10.4 billion valued at RM8.32 billion from 13.13 billion units valued at RM10.77 billion in the previous week.
Main Market volume was flat at 7.71 billion shares worth RM7.88 billion from 7.71 billion shares worth RM9.86 billion.
Warrants’ volume decreased to 692 million units worth RM74.14 million from 789.15 million units worth RM102.77 million.
The ACE Market turnover also shrank to 1.97 billion shares valued at RM362.26 million from 4.59 billion shares valued at RM876.93 million. –Bernama