Market to trend higher on better sentiment

BURSA Malaysia is expected to trend higher this week o n impro ved sentiment fo llo wing a mo dest reco very in glo bal markets and co mmo dity prices, which has helped clear investo r uncertainties.

Affin Hwang Investment Bank vice-president/head o f retail research Datuk Nazri Khan Adam Khan said regio nal sto ck markets, including Malaysia, had steadied, backed by the better perfo rmance o f Wall Street and stro nger eco no mic data fo r jo bs and business activities after a steep sell-o ff two days ago .

“Trade will shift their fo cus to lo cal catalysts, as co ncerns surro unding US po litics wanes,’’ he to ld Bernama, adding, regio nal bo urses and Bursa Malaysia will still watch Wall Street’s perfo rmance fo r further clues.

The rebo und in crude o il prices will also set a better to ne fo r Bursa Malaysia this week.

Last Friday, Brent crude settled up US$1 .1 0, o r 2.1 %, at US$53.61 per barrel and US crude ro se 98 cents to US$50.33 per barrel, o n gro wing o ptimism that the big pro - ducer co untries wo uld extend o utput cuts to curb a persistent glut.

O n the lo cal fro nt, Nazri said Malaysia’s enco uraging gro ss do mestic pro duct data with ro bust first quarter 201 7 gro wth o f 5.6% wo uld also enco urage the lo cal bo urse.

Fo r the week just ended, the lo cal bo urse trended range-bo und fo llo wing the so fter to ne o n Wall Street and po litical turmo il in the US.

O n a week-to -week basis, the FBM KLCI fell 7.59 po ints to 1 ,768.28, the FBM Emas Index shed 32.22 po ints to 1 2,685.88, the FBMT 1 00 Index declined 40.83 po ints to 1 2,307.1 7 and the FBM Emas Shariah Index decreased 48.44 po ints to 1 3,009.49. WEEKLY FBM KLCI

The FBM 70 eased 5.95 po ints to 1 5,31 3.96 and the FBM Ace surged 1 63.45 po ints to 6,601 .71 .

O n a secto ral basis, the Finance Index was 55.83 po ints lo wer at 1 6,355.32, the Plantatio n Index declined 46.79 po ints to 8,066.00 and the Industrial Index was 3.01 po ints higher at 3,262.22.

Weekly turno ver ro se to 1 6.98 billio n units valued at RM1 5.6bil fro m 1 3.49 billio n units wo rth RM1 0.82bil reco rded the previo us week.

Main Market vo lume increased to 1 1 .30 billio n shares valued at RM1 4.71 bil fro m the previo us week’s 8.43 billio n shares wo rth RM1 0.1 bil.

The Ace Market fell to 3.70 billio n units wo rth RM61 1 .29mil fro m 3.89 billio n units valued at RM564.34mil.

Warrants turno ver, ho wever, ro se to 1 .96 billio n units wo rth RM268.02mil fro m 1 .1 1 billio n units valued at RM1 43.9mil. – Bernama