Kuala lumpur: Bursa Malaysia is predicted to experience range-bound trading with a potential downward inclination in the upcoming holiday-shortened week. The market will be temporarily closed on June 1 and 2 in observance of the King's Birthday and Wesak Day, resuming regular operations on June 3.
According to BERNAMA News Agency, Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, highlighted that market participants will likely stay focused on developments in West Asia, especially any progress in discussions between the United States and Iran. Thong noted that while bargain hunting might offer some market support, volatility could persist amid geopolitical uncertainties. He projected that the FBM KLCI would trade within the 1,680-1,710 range for the week.
For the recently concluded week, Bursa Malaysia experienced lower trading as weaker risk appetite impacted investor sentiment. The FTSE Bursa Malaysia KLCI (FBM KLCI) decreased by 29.60 points, closing at 1,683.07 compared to 1,712.67 the previous week.
On the index board, the FBM Emas Index decreased by 126.11 points to 12,580.12, the FBMT 100 Index fell by 129.22 points to 12,417.54, and the FBM Emas Shariah Index dropped by 40.10 points to 12,604.07. In contrast, the FBM Mid 70 Index and the FBM ACE Index showed gains, rising by 186.03 points to 18,484.33 and 37.84 points to 4,763.81, respectively.
Sector-wise, the Plantation Index fell by 84.73 points to 8,499.54, the Energy Index declined by 13.80 points to 778.75, the Financial Services Index dropped by 472.81 points to 19,524.29, and the Industrial Products and Services Index decreased by 2.81 points to 197.82.
Weekly turnover decreased to 14.77 billion units valued at RM21.55 billion, down from 18.19 billion units valued at RM17.65 billion the previous week. The Main Market volume shrank to 9.13 billion units worth RM20.32 billion, compared to 9.49 billion units valued at RM15.69 billion previously.
Warrants turnover reduced to 3.38 billion units valued at RM422.21 million from 4.84 billion units valued at RM614.26 million last week. Meanwhile, the ACE Market volume decreased to 2.25 billion units valued at RM801.54 million from 3.58 billion units worth RM1.42 billion the week before.
Bursa Malaysia will observe the holidays on June 1 and 2 and is set to reopen on June 3.