Market outlook remains positive
THE FBM KLCI is likely to rebound this week with the benchmark index moving between 1,750 and 1,760 points aided by the positive sentiment brought by Budget 2018.
Affin Hwang Investment Bank vice-president and head of retail research Datuk Nazri Khan Adam Khan said the budget was considered as expansionary, with lots of incentives given to different groups of people which in turn would be good for the national economy.
“The goodies in the budget are expected to create more speculation and spark rotational buying.
“The local market was oversold and deeply consolidated for seven weeks which had attracted bargain hunters from among locals and foreign.
“We are seeing an increasing number of bargain hunters entering the market and expect to see more with good sentiment surrounding the local market,” he told Bernama.
Dr Nazri added that the local bourse was expected to track its Asian peers which was rallying on the back of a firm Wall Street, as well as, a continuous recovery in commodity prices.
On a weekly basis, the benchmark FBM KLCI improved 5.48 points to 1,746.13 from 1,740.65 the previous Friday.
The FBM Emas Index increased 37.82 points to 12,551.61, the FBMT 100 Index added 35.69 points to 12,191.47, the FBM Emas Shariah Index rose 484.32 points to 12,998.11 and the FBM 70 gained 35.13 points to 15,313.31.
The FBM Ace fell 68.03 points to 6,881.34. WEEKLY FBM KLCI
On a sectoral basis, the Finance Index slipped 37.66 points to 16,258.44, the Industrial Index improved 13.94 points to 3,204.17 and the Plantation Index added 28.88 points to 7,951.47.
Total turnover increased to 12.96 billion units, valued at RM10.76bil, from the previous week's 1.79 billion units worth RM9.28bil.
Main Market volume rose to 8.68 billion shares, valued at RM9.97bil, from 6.43 billion shares, worth RM8.35bil, previously.
Warrants turnover improved to 777.52 million units, worth RM80.23mil, versus 626.73 million units worth RM70.06mil, traded the previous week.
The Ace Market decreased to 3.43 billion units valued at RM695.06mil compared with 4.66 billion units valued at RM854.74mil, previously. – Bernama