Kuala lumpur: Bursa Malaysia is anticipated to trade sideways in the upcoming week, with the index’s movement largely hinging on significant macroeconomic data from China and the United States.
According to BERNAMA News Agency, UOB Kay Hian Wealth Advisors Sdn Bhd’s head of investment research, Mohd Sedek Jantan, stated that investors will be closely monitoring forthcoming data from China. This includes June trade figures and the second-quarter gross domestic product (GDP). While consensus forecasts GDP growth to remain at 5.0 percent, ongoing weakness in the property sector might trigger speculation about potential stimulus measures.
In the United States, June retail sales data will serve as a crucial indicator of consumer strength and its potential impact on the US Federal Reserve’s policy direction. Meanwhile, Thong Pak Leng, Rakuten Trade Sdn Bhd’s equity research vice-president, anticipates profit-taking activity to surface next week.
Thong expects the FBM KLCI to fluctuate within the 1,530-1,560 range, with sectors such as banking, telecommunications, property, construction, and consumer likely to stay in favor. Over the past week, the benchmark index declined by 14.12 points to 1,536.07 from the previous 1,550.19. The FBM Emas Index decreased by 74.14 points to 11,543.58, the FBMT 100 Index fell by 81.96 points to 11,308.74, and the FBM Emas Shariah Index dropped by 65.35 points to 11,552.47.
The FBM 70 Index saw a reduction of 25.69 points to 16,761.35, while the FBM ACE Index experienced a rise of 11.77 points to 4,538.17. Sector-wise, the Financial Services Index declined by 183.09 points to 17,608.13, the Plantation Index increased slightly by 1.71 points to 7,459.45, and the Energy Index eased by 3.99 points to 737.62.
The weekly turnover contracted to 16.21 billion units worth RM11.43 billion, compared to 17.25 billion units valued at RM12.62 billion the previous week. Main Market volume decreased to 6.99 billion units valued at RM10.02 billion, from 9.22 billion units worth RM11.41 billion earlier. However, warrant turnover climbed to 7.82 billion units worth RM911.38 million, up from 6.62 billion units valued at RM772.30 million. The ACE Market volume slightly increased to 1.41 billion units valued at RM490.78 million, compared to 1.40 billion units worth RM437.52 million previously.