Muristek
For the week just ended, the FBM KLCI moved in a mixed trend, in tandem with Wall Street’s performance and regional markets. — Bernama pic
Follow us on Instagram and subscribe to our Telegram channel for the latest updates.
KUALA LUMPUR, March 19 — Bursa Malaysia is expected to see range-bound trading next week as investor sentiment is likely to remain cautious due to market volatility amid the Russia-Ukraine conflict.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index is likely to trade between the 1,575 and 1,595 range next week.
“Technically, immediate resistance will be seen at 1,600 while support at 1,550,” he told Bernama.
For the week just ended, the FBM KLCI moved in a mixed trend, in tandem with Wall Street’s performance and regional markets.
These include the decision by the US Federal Open Market Committee (FOMC) to raise the federal funds rate by 25 basis points, bringing the benchmark interest rate to 0.50 per cent.
Besides, the Russia-Ukraine crisis that led to significant movements to oil prices and the lockdown in Shenzen, China, due to rising Covid-19 cases also weighed on the local equity market.
Nonetheless, the strong foreign inflow, higher oil prices and the mid-week announcement of the Mass Rapid Transit 3 (MRT3) line project lent some buying support to the construction and energy counters.
On a Friday-to-Friday basis, the FBM KLCI strengthened 23.04 points to end the week at 1,591.26 from 1,568.22 in the previous week.
On the index board, the FBMT100 Index gained 159.50 points to 10,976.72, the FBM Emas Shariah Index increased 55.11 points to 11,817.99, the FBM Emas Index rose 153.88 points to 11,817.99.
Meanwhile, the FBM ACE gained 80.98 points to 5,339.46, and the FBM 70 surged 195.24 points to 13,267.98.
Sector-wise, the Technology Index improved 1.43 points to 72.96, the Plantation Index reduced 294.75 points to 7,909.95, while the Industrial Products and Services Index eased 1.35 points to 203.34.
The Healthcare Index declined 65.17 points to 2,062.40, the Financial Services Index bagged 481.77 points to 16,731.79, and the Energy Index increased 11.49 points to 718.97.
Weekly turnover narrowed to 14.48 billion units valued at RM16.85 billion from 17.33 billion units worth RM16.71 billion in the previous week.
The Main Market volume dropped to 9.53 billion shares worth RM15.73 billion versus 11.85 billion shares valued at RM15.55 billion previously.
Warrants volume grew to 2.73 billion units valued at RM522.76 million against 2.09 billion units worth RM288.95 million in the previous week.
The ACE Market volume decreased to 2.21 billion shares worth RM599.21 million against 3.36 billion shares valued at RM863.88 million the week before. — Bernama