Skip to main content

Bursa Malaysia is expected to trend higher this week


KUALA LUMPUR -- Bursa Malaysia is expected to trend higher next week, with the benchmark index likely to reach 1,830, mainly driven by subsiding uncertainties surrounding the US-China tariff conflict.

Hermana Capital Bhd Chief Executive Officer/Chief Investment Officer Datuk Dr Nazri Khan Adam Khan said sentiment towards emerging market assets had started to improve as investors viewed the latest trade tariffs imposed by the US and China as likely to inflict less economic damage than many had feared.

“We are seeing more foreign funds coming back into Malaysia, and last week, it amounted close to RM200 million,” he told Bernama.

Furthermore, he said the country’s economic fundamentals were strong with gross domestic product projected to grow at five per cent this year, and on top of that, the local stock market was outperforming its peers in Thailand, Singapore and Indonesia.

On the technical front, Bank Islam Chief Economist Dr Mohd Afzanizam Abdul Rashid said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) had surpassed its previous resistance level of 1,805 and the next resistance level is 1,839.

“Therefore, we should see FBM KLCI linger at around these points,” he said.

Next week, he said the market would scrutinise the message from the Federal Reserve (Fed) following its upcoming Federal Open Market Committee meeting on Sept 25-26.

Mohd Afzanizam said the US economy is on solid footing with average hourly earnings growing 2.9 per cent year-on-year in August, surpassing its 2.2 per cent average since 2010.

“As such, wages are rising at a rapid pace. So we could see the Fed become more hawkish in their accompanying statement. If that happens, that could rattle the markets,” he added.

On a Friday-to-Friday basis, the benchmark FBM KLCI settled 6.88 points better at 1,810.64.

The FBM Emas Index was up 42.96 points to 12,607.96 and the FBMT100 Index gained 36.35 points to 12,423.33.

The FBM 70 added 2.39 points to 14,846.96, the FBM Emas Shariah Index increased 69.14 points to 12,735.94, while the FBM Ace improved 27.2 points to 5,204.44.

On a sectoral basis, the Finance Index climbed 45.22 points to 17,968.66, the Plantation Index was up 0.33 of-a-point to 7,552.19, while the Industrial Index rose 26.41 points to 3,230.77.

Weekly turnover increased to 7.8 billion units worth RM9.5 billion from 7.29 billion units worth RM7.87 billion.

Main market volume declined to 5.27 billion shares valued at RM8.89 billion from 5.66 billion shares valued at RM8.99 billion recorded last Friday.

Warrants turnover shrank to 1.49 billion units worth RM383.58 million from 2.98 billion units worth RM872.93 million.

The ACE market volume decreased to 1.03 billion shares worth RM229.39 million from 1.73 billion shares worth RM238.88 million.

The market was closed last Monday in lieu of the Malaysia Day public holiday which fell on Sunday, Sept 16. -- Bernama

Comments

Post a Comment

Popular posts from this blog

Proton SUV open for booking at RM1,000

KUALA LUMPUR -- National car maker, Proton Holdings Bhd, is adopting an alphanumerical naming system for its future models beginning with the X70, its first sport utility vehicle (SUV). Sales and Marketing Vice-President Abdul Rashid Musa said the letter X is synonymous with crossover or SUV vehicles, while the number 70 denoted the size or class of the SUV and would enable Proton to adopt a logical system to add bigger or smaller models in the future. “This is the first time an alphanumerical naming system is used on a Proton model as our research shows it will make it easier to sell in ASEAN and other international markets, as there are no language barriers to overcome,” he told reporters at the preview of the new SUV. Proton Chief Executive Officer Dr Li Chunrong said Proton's adoption of the new naming system would make customer more focus on the brand name as compared with the model name. Abdul Rashid, who is also the Chief Executive Officer o...
Post a Comment
Read more

Datuk Seri didakwa menipu RM19 juta

SHAH ALAM -- Seorang ahli perniagaan bergelar 'Datuk Seri' dihadapkan ke Mahkamah Sesyen di sini hari ini atas tiga pertuduhan menipu seorang pengarah urusan membabitkan RM19 juta berhubung siasatan projek terowong dasar laut Pulau Pinang, dua tahun lepas. M. G. Gnanaraja, 38, bagaimanapun mengaku tidak bersalah selepas kesemua pertuduhan terhadapnya dibacakan di hadapan Hakim Rozilah Salleh. Dia didakwa memperdayakan pengarah urusan Consortium Zenith Construction Sdn Bhd  untuk mempercayai bahawa dia boleh membantu mangsa menutup siasatan yang dimulakan oleh Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) terhadap mangsa di bawah Akta Pencegahan Wang Haram, Pencegahan Pembiayaan Keganasan dan Hasil Daripada Aktiviti Haram 2001. Sehubungan itu, tertuduh didakwa dengan curangnya mendorong pengarah urusan tersebut menyerahkan kepadanya wang tunai RM4 juta dan RM15 juta melalui transaksi akaun Maybank milik Syarikat Visione Construction Sdn Bhd ke akau...
Post a Comment
Read more

Mahkamah meriah dengan tahanan reman lindungi rumah urut

PUTRAJAYA -- Mahkamah Majistret di sini “meriah” susulan prosiding reman beramai-ramai melibatkan 14 individu termasuk tujuh penjawat awam berkaitan dakwaan memberi dan menerima wang sogokan bagi melindungi premis urut di Kuala Lumpur. Tujuh penjawat awam terbabit ialah tiga anggota polis termasuk seorang ketua balai, seorang pegawai bomba dan tiga petugas Dewan Bandaraya Kuala Lumpur. Mereka berserta tiga lagi orang awam yang disyaki berperanan sebagai ‘runner’ atau utusan dibawa ke mahkamah itu pada kira-kira 10 pagi menaiki bas Suruhanjaya Pencegahan Rasuah Malaysia (SPRM), menyusuli empat lagi individu dipercayai pemilik premis yang tiba di mahkamah itu kira-kira sejam sebelumnya, menaiki van SPRM.    Prosiding reman terhadap kesemua mereka tamat pada kira-kira pukul 1.30 tengah hari denga...
Post a Comment
Read more