Tight range due to lack of fresh leads

BURSA Malaysia is likely to be muted this week due to lack of leads to boost interest in the market, an analyst said.

President of the Malaysian Association of Technical Analysts Nik Ihsan Raja Abdullah said the key index would move within a tight range with local funds focusing their buying interest on selected blue chips.

“The benchmark Composite Index is likely to move between 1,740 and 1,750 points,” he told Bernama.

Another dealer said trading on the local bourse, as well as, regionally could remain cautious, tracking the uncertainty on Wall Street which was reeling over delayed US tax reforms.

However, he added that losses on the local market could be capped by continuous fund buying and steady global oil prices.

“Oil prices have rebounded sharply over the past week due to the latest catalyst of geopolitical tension coupled with growing confidence in the Organisation of the Petroleum Exporting Countries’ continued supply cut and strong oil demand,” he said.

On a weekly basis, the benchmark FBM KLCI rose 1.35 points to 1,742.28 from 1,740.93 last Friday.

The FBM Emas Index increased 18.33 points to 12,581.49, the FBMT 100 Index added 21.21 points to 12,218.69, the FBM Emas Shariah Index rose 182.44 points to 13,209.72 and the FBM 70 gained 70.41 points to 15,548.87.

The FBM Ace fell 28.55 points to 6,828.72. On a sectoral basis, the Finance Index lost WEEKLY FBM KLCI 53.72 points to 16,229.72, the Plantation Index added 25.06 points to 8,016.01 and the Industrial Index increased 24.14 points to 3,201.75.

Total turnover increased slightly to 14.82 billion units, valued at RM11.36bil, from last Friday’s 14.80 billion units valued at RM11.30bil.

Main Market volume fell to 9.34 billion shares valued at RM10.50bil from 9.99 billion shares, worth RM10.50bil, registered previously.

Warrants turnover eased to 1.21 billion shares, worth RM117.88mil, against 1.31 billion shares valued at RM111.45mil.

The ACE Market increased to 4.18 billion shares, valued at RM698.21mil, from 3.45 billion shares worth RM682.35mil, transacted previously. — Bernama