Kuala Lumpur:Bursa Malaysia's key index is anticipated to move within the 1,620-1,650 range next week, with selective accumulation of quality blue-chip stocks likely on any weakness.
According to BERNAMA News Agency, Rakuten Trade Sdn Bhd's vice-president of equity research, Thong Pak Leng, indicated that the 1,620 level should act as the immediate support zone, while a recovery above 1,650 could lead towards 1,660. Thong noted that a stronger move beyond 1,660 would enhance the near-term technical outlook, although a sustainable recovery would require easing bond yields, stable crude oil prices, and stronger contributions from index heavyweights.
During the trading week that ended yesterday, early trading was marked by profit-taking and selling pressure, leading to a sharp sell-off that triggered bargain hunting as the market became oversold. From Friday to Friday, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 40.75 points to 1,630.87, down from 1,671.62 the previous week.
On the index board, several indices experienced declines, including the FBM Emas Index, which decreased by 286.07 points to 12,170.57, and the FBM Top 100 Index, which fell by 285.78 points to 11,957.68. The FBM Emas Shariah Index shed 245.91 points to 12,060.32, the FBM ACE Index slightly decreased by 3.40 points to 5,529.46, and the FBM Mid 70 Index slid by 362.98 points to 17,481.93.
Sector-wise, the Energy Index slipped by 28.80 points to 833.03, the Plantation Index erased 278.32 points to 9,056.55, the Industrial Products and Services Index lost 5.58 points to 178.52, and the Financial Services Index trimmed 509.98 points to 19,040.51.
Overall weekly turnover firmed to 17.39 billion units worth RM14.42 billion, compared to 17.11 billion units worth RM14.07 billion in the previous week. Main Market volume declined to 10.31 billion units valued at RM12.69 billion from 10.41 billion units valued at RM12.31 billion. Warrants turnover increased to 4.40 billion units worth RM708.35 million from 4.21 billion units worth RM661.61 million. Meanwhile, ACE Market volume shrank to 2.67 billion units valued at RM1.00 billion, compared with 2.48 billion units valued at RM1.09 billion the previous week.