Sideways trade to continue
SIDEWAYS trading is likely to continue on Bursa Malaysia this week, with the composite index expected to be trapped between 1,660 and 1,680 points due to the weak market sentiment, said Affin Hwang Investment Bank.
The bank’s president/head of retail research, Datuk Dr Nazri Khan Adam Khan, said concerns over struggling Deutsche Bank will weigh down stock markets globally. “Investors are concerned about the financial issue faced by the German lender, which was fined US$14 billion by the US Justice Department over the selling of mortgage-backed securities.”
San Francisco-based Wells Fargo’s sham accounts scandal, coupled with Federal Reserve’s readiness to increase interest rates will also affect the stock markets, he said.
Last week, the FBM KLCI declined 18.44 points to 1,652.55. Turnover improved to 8.3 billion units worth RM9.4 billion. – Bernama