Side­ways trade likely

The Sun (Malaysia) - - SPEAK UP -

BURSA Malaysia is likely to con­tinue to trade side­ways 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.

Its pres­i­dent/head of re­tail re­search, Datuk Dr Nazri Khan Adam Khan, said the mar­ket will be con­cerned over the bet­ter US third-quar­ter gross do­mes­tic prod­uct data.

“The pos­i­tive re­sults of the world’s big­gest econ­omy have in­creased the prospects of an in­ter­est rate hike by the Fed­eral Re­serve in De­cem­ber which will af­fect the lo­cal stock mar­ket,” he said.

Nazri Khan said the mar­ket will see profit-tak­ing as there are higher in­ter­est rate yields glob­ally, es­pe­cially in Amer­ica and Europe.

On oil prices, Nazri said, in­vestors were hop­ing to see them rise fur­ther and boost the lo­cal bourse in the long run.

Last week, the FBM KLCI gained 1.24 points to 1,670.27. – Ber­nama

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