KUALA LUMPUR: Share prices on Bursa Malaysia are expected to see a greater upside, supported by further bargain-hunting interest ahead of the October month-end closing, an analyst said.
The FTSE Bursa Malaysia KLCI (FBM KLCI) is also likely to take advantage of Wall Street’s positive performance and bargains in blue chips after eight straight weeks of correction.
“The FBM KLCI has tested the 1,780 level successfully and is now preparing a base platform to jump higher,” Affin Hwang Investment Bank vice-president and head of Retail Research, Dr Nazri Khan Adam Khan said.
The resistance stands at the 1,830 and 1,850 levels, while support for any October dips is at 1,800 and 1,780, he told Bernama.
He said traders would be more aggressive in looking for stocks that held up well during the pullback and had bounced over the last three days.
For the week just ended, the FBM KLCI rose 30.55 points to end at 1,818.86 from last Friday’s 1,788.31.
The Finance Index advanced 131.07 points to 16,672.91, the Industrial Index added 77.97 points to 3,206 and the Plantation Index rose 211.03 points to 8,143.98.
The FBM Emas Index was 278.74 points higher at 12,639.04, the FBMT100 Index improved 251.25 points to 12,284.99 and the FBM Emas Syariah Index was 310.25 points higher at 13,022.93.
The FBM 70 gained 454.92 points to 13,918.69 and the FBM Ace increased 184.93 points to close the week at 6,303.3.
The local equity market was closed on Wednesday due to the Deepavali holiday.
The weekly turnover declined to 6.76 billion shares worth RM7.37 billion from 9.90 billion shares valued at RM10.53 billion last week. Main market volume decreased to 5.13 billion units valued at RM5.13 billion from the 7.44 billion units worth RM10.1 billion registered previously.
Warrant turnover fell to 318.71 million units worth RM30.7 million from the 383.17 million units valued at RM30.5 million transacted last week.
The ACE market volume declined to 1.29 billion units valued at RM319 million from two billion units worth RM368.99 million last Friday. — Bernama