Window dressing activities set to boost Bursa Malaysia

KUALA LUMPUR: Year- end window dressing activities are expected to lift share prices on Bursa Malaysia.

Inter- Pacific Research Sdn Bhd head of Research Pong Teng Siew said the key FTSE Bursa Malaysia KLCI (FBM KLCI) was expected to trade in a wide range of between the 1,674 and 1,705levels, mainly supported by the window-dressing activities.

“The window- dressing from Friday is likely to drag on to Monday, and continue to spill over to the early part of the week.

“The activities are expected to push up the market relatively well,” he told Bernama.

Other than that, Pong said the massive window- dressing activities on the New York Stock Exchange recently, would also lend support to the local market barometer.

For the holiday- shortened week, the FBM KLCI was being traded sideways, mainly affected by external factors such as US political uncertainties, including a partial government shutdown, and potential interest rate hikes by the Federal Reserve.

The local bourse and its subsidiaries were closed on Tuesday for the Christmas holiday.

On a Friday-to-Friday basis, the benchmark FBM KLCI settled 21.79 points better at 1,692.07.

The FBM Emas Index rose 166.19 points to 11,537.30, the FBMT100 Index increased 165.56 points to 11,454.58, the FBM 70 surged 265.13 points to 13,091.52, the FBM Emas Shariah Index climbed 190.75 points to 11,509.42 and the FBM Ace edged up 1.59 points to 4,260.20.

Sector- wise, the Finance Index jumped 198.15 points to 17,641.69, the Industrial Products and Services Index ticked up 1.34 points to 166.81, while the Plantation Index was 87.48 points firmer at 6,897.74.

Comparing Friday-to-Friday, the weekly turnover retreated to 5.70 billion units worth RM4.15 billion from 9.57 billion units worth RM8.45 billion.

Main Market volume fell to 4.16 billion shares valued at RM3.85 billion from 6.62 billion units valued at RM7.93 billion.

Warrants turnover eased to 948.80 million units worth RM202.97 million versus 1.70 billion units worth RM384.90 million.

The ACE Market volume declined to 556.26 million shares valued at RM90.05 million against 1.01 billion shares valued at RM137.63 million. — Bernama