Bursa Malaysia is expected to trade higher

KUALA LUMPUR -- Bursa Malaysia is expected to trade higher next week with investors accumulating selected index-linked counter stocks, amid cautious sentiment which would largely be influenced by external developments, a dealer said.

He said expectations of an earnings recovery was kept intact by a satisfactory second quarter 2018 earnings season compared with the previous corresponding period.

"Meanwhile, export-oriented stocks will be in favour, following the current weaker ringgit against the US dollar as traders bet on another interest rate hike in September," he told Bernama.

He said an upside bias in small and mid-cap stocks is also expected to continue into next week.

For the week just ended, Bursa Malaysia traded lower at between 1,798.84 and 1,808.59 in tracking the weaker performance of Wall Street and on concerns over the trade war between the US and China, as well as profit taking activities.

On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI was 25.12 points higher at 1,808.59 from 1,783.47.

The FBM Emas Index rose 121.92 points to 12,741.49 and the FBMT100 Index improved 139.77 points to 12,528.81.

The FBM 70 was up 41.92 points at 15,425.37 and the FBM Emas Shariah Index was 100.75 points firmer at 12,881.79.But, the FBM Ace eased 117.30 points to 5,435.10.

On a sectoral basis, the Finance Index advanced 295.94 points to 17,684.73, the Plantation Index expanded 18.16 points to 7,645.35 and the Industrial Index was 6.36 points better at 3,239.26.

Weekly turnover narrowed to 9.65 billion units worth RM9.15 billion from 10.89 billion units valued at RM10.67 billion previously.

Main market volume slid to 6.64 billion shares valued at RM8.32 billion compared with 7.19 billion shares valued at RM9.68 billion.

Warrants turnover fell to 1.69 billion units worth RM444.85 million against 2.88 billion units worth RM524.88 million.

The ACE market volume slipped to 1.31 billion shares valued at RM379.24 million versus 1.74 billion shares valued at RM464.16 million.

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