KUALA LUMPUR: Bursa Malaysia is expected to trade firmer, taking the cue from the encouraging gross domestic product (GDP) data released last Friday.
Affin Hwang Investment Bank vice-president/head of Retail Research Datuk Dr Nazri Khan Adam Khan said the 6.2 per cent GDP growth, deemed as the strongest growth over the past three years, would boost investors’ appetite on the local bourse.
“The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) would likely touch the 1,740 points level,” he told Bernama.
Bank Negara Malaysia said, in a statement, that given the continued strong performance in 3Q17, Malaysia’s economy was on course to register close to the upper range of the official projection of 5.2 to 5.7 per cent in 2017, supported by domestic demand.
Meanwhile, Nazri Khan said traditionally, the local market benchmark would trend higher beginning from November to February due to some window-dressing activities.
“Furthermore, the Bandar Malaysia project, which the government was widely anticipated to award later this year, would serve as a big catalyst for the local market,” he said.
It was reported that all agreements related to the mega project would likely be signed before the general election, due in 2018.
On a weekly basis, the benchmark FBM KLCI, however, fell 20.62 points to 1,721.66 from 1,742.28 last Friday.
The FBM Emas Index declined 164.57 points to 12,416.92, the FBMT 100 Index shed 155.41 points to 12,063.28, the FBM Emas Shariah Index dipped 351.86 points to 12,857.86 and the FBM 70 was 237.72 points weaker at 15,311.15 but the FBM Ace surged 762.86 points to 6,591.58.
On a sectoral basis, the Finance Index lost 178.35 points to 16,051.37, the Plantation Index erased 107.48 points to 7,908.53 and the Industrial Index fell 63.78 points to 3,137.97.
Total turnover narrowed to 12.87 billion units, valued at RM11.83 billion, from 14.82 billion units, worth RM11.36 billion, recorded last Friday.
Main Market volume fell to 8.33 billion shares, worth RM10.98 billion, from 9.34 billion shares, valued at RM10.50 billion, registered previously.
Warrants’ turnover eased slightly to 1.20 billion shares, worth RM144.62 million, versus last week’s 1.21 billion shares worth RM117.88 million.
The ACE Market weakened to 3.28 billion units, valued at RM686.84 million, against 4.18 billion units, valued at RM698.21 million, transacted previously. — Bernama