KUALA LUMPUR: Positive sentiment in the Malaysian stock market is likely to further drive the key index higher, reaching towards the 1,900-point level.
Affin Hwang Investment Bank vice-president/head of retail research Datuk Dr Nazri Khan Adam Khan said the local market should see more accumulation, in line with persistent foreign buying.
“Given the strengthening ringgit and the improved crude oil prices, the local market should trade with good momentum and towards the record high of 1,896.23,” he told Bernama.
The analyst also said the recently announced tame inflation data coupled with the upcoming Malakoff mega initial public offering slated for May 15 would boost local sentiment.
For the week just ended, the local bourse moved in a volatile pattern influenced by Governor Tan Sri Dr Zeti Akhtar Aziz’s remarks on Malaysia’s fiscal direction, and new developments over a potential interest rate change in the US and China.
On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 16.72 points to 1,862.58 from 1,845.86 last Friday.
The FBM Emas Index soared 88.47 points to 12,812.73, the FBMT100 Index chalked up 99.12 points to 12,487.52, and the FBM Emas Shariah Index surged 89.19 points to 13,353.55.
The FBM 70 improved 59.12 points to 13,795.29, and the FBM Ace perked 55.68 points to 7,356.76. Sector-wise, the Finance Index expanded 74.89 points to 16,422.79, the Industrial Index improved 10.18 points to 3,416.16, and the Plantation Index added 13.06 points to 7,749.53.
Weekly turnover grew to 12.99 billion units worth RM10.42 billion from 12.11 billion units worth RM11.27 billion last week.
Main market volume rose to 7.44 billion shares valued at RM9.02 billion from the 7.38 billion shares valued at RM10.07 billion the previous week.
Warrant turnover widened to 387.07 million units worth RM336.62 million from 330.24 million units worth RM52.22 million last Friday.
The ACE market increased to 5.15 billion shares worth RM1.33 billion from 4.38 billion shares worth RM1.13 billion. — Bernama