Bursa Malaysia to move sideways

KUALA LUMPUR: Bursa Malaysia is likely to trade sideways between 1,730 and 1,750 on lack of catalysts, said an analyst.

Inter-Pacific Securities head of Research Pong Teng Siew said the lacklustre trading would likely continue for the whole month since April was a transition month following the end of the first qquarter of the year.y

“In April, there are no corporate results.

Some of the listed companies may announce their results by May,” he said, adding the US airstrikes on Syria would not disturb the market too much.

Meanwhile, Hong Leong Investment Bank said the benchmark FTSE Bursa Malaysia KLCI ( FBM KLCI) and heavyweights were likely to consolidate but it anticipated plenty of catalysts to keep the market warm for the second quarter.

“The focus will likely flow on lower liners with catalysts such as restructuring theme, construction jobs flows and property re-rating,” it said in a note recently.

The local bourse was traded mostly lower in the week justended sans market moving news, in anticipation of the outcome from the meeting between US President Donald Trump and China President Xi Jinping, as well as the US’ one-off missile strikes on Syria.

On a week-to-week basis, the FBM KLCI added 1.63 points to 1,741.72 from 1,740.09.

The FBM Emas Index rose 51.67 points to 12,413.36, the FBMT 100 Index was up 33.87 points to 12,040.56, and the FBM Emas Shariah Index improved 71.59 points to 12,882.93.

The FBM 70 surged 126.28 points to 14,676.75 and the FBM Ace soared 366.46 points to 6,193.94.

On a sectoral basis, the Finance Index put on 44.37 points to 15,704.04 and the Industrial Index added 4.02 points to 3,258.44, but the Plantation Index was 38.74 points weaker at 8,163.78.

Weekly turnover widened to 20.73 billion units worth RM15.29 billion from 16.78 billion units worth RM12.78 billion last week.

Main Market volume expanded to 14.20 billion shares valued at RM14.18 billion from last week’s 12.01 billion shares valued at RM12.04 billion.

Warrant turnover was slightly higher at 1.09 billion units worth RM143.59 million from 1.04 billion units worth RM141.24 million.

The ACE Market went up to 5.39 billion shares worth RM959.57 million from 3.67 billion shares valued at RM590.18 million ppreviously.y — Bernama