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Bursa Malaysia to see range-bound trading next week


KUALA LUMPUR -- Bursa Malaysia is expected to maintain range-bound trading next week and hover between 1,805 and 1,776 points with external uncertainties expected to put a limit to the upside potential, said an economist.
Bank Islam Chief Economist Dr Mohd Afzanizam Abdul Rashid said the market would be focusing on a series economic releases in China, ranging from foreign direct investment, money supply to Chinese new loans.
“Besides, the International Monetary Fund will give updates on the world economic outlook on Oct 9, as well releases new economic forecast,” he told.
Mohd Afzanizam said perhaps, the theme would revolve around trade tensions, as well as global monetary tightening, hence, indicating a challenging global economic prospect in 2019.
On the home front, he said investors would also be looking for more market catalysts from the mid-term review of the 11th Malaysia Plan and Budget 2019 presentation on Oct 18 and Nov 2, respectively.
The markets are looking for more clarity in policy-making going forward, he added.
For the week just ended, the local bourse was traded in a range bound, tracking key Asian and the US stock markets.
On Friday it weakened further, no thanks to the US Automatic Data Processing Inc. employment reports, which signalled a positive US economic condition.
The data reported that the American private sector employment soared in September, as employers added 230,000 jobs, and this was beyond market expectations of 179,000.
On a Friday-to-Friday basis, the benchmark FBM KLCI settled 16 points lower at 1,777.15.
The FBM Emas Index was down 125.59 points at 12,407.63, the FBMT100 Index fell 122.21 points to 12,214.63 and the FBM Emas Shariah Index depreciated 166.74 points to 12,511.82.
The FBM 70 contracted 194.14 points to 14,679.12, while the FBM Ace lost 156.63 points to 5,230.06.
On a sectoral basis, the Finance Index dropped 87.33 points to 17,712.12, the Plantation Index plummeted 57.51 points to 7,482.43, and the Industrial Products and Services Index eased 0.56 point to 177.00.
Weekly turnover increased to 9.2 billion units worth RM9.18 billion from 8.17 billion units worth RM8.85 billion.
Main Market volume advanced to 6.33 billion shares worth RM8.49 billion versus 5.74 billion shares valued at RM8.28 billion last Friday.
Warrants turnover appreciated to 1.64 billion units valued at RM392.29 million against 1.11 billion units worth RM236.76 million.
The ACE Market volume gained to 1.54 billion shares worth RM297.83 million from 1.32 billion shares worth RM328.55 million. - Bernama

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