Bursa Malaysia likely to trend higher

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KUALA LUMPUR: Bursa Malaysia is expected to trend higher on rising momentum underpinned by stronger regional markets and overnight Wall Street.

Affin Hwang Investment Bank vice-president/head of Retail Research Datuk Dr Nazri Khan Adam Khan said the local market could possibly look to retest its psychological level of 1,700 in the near term.

He said investors are banking on bullishness in regional markets, the  return of small-cap risk appetite and a crude oil price recovery.

“We expect the local market to trend higher after breaking out from the 1,660 to 1,680 trading band following the accommodative pause of Bank Negara rates, Federal Reserve economic optimism and the year-end traditionally bullish festive season,” he told Bernama.

On a weekly basis, the key benchmark FBM KLCI finished at 1,685.70, down 19.99 points from 1,665.71 last Friday.

The FBM Emas Index increased 159.98 points to 11,573.90, the FBMT100 Index appreciated 151.15 points to 11,407.18, the FBM Emas Shariah went up 192.53 points to 12,585.36, the FBM 70 garnered 230.44 points to 12,998.05, and the FBM Ace rose 222.39 points to 6,436.44.

Sector-wise, the Finance Index increased 168.82 points to 14,330.03, the Plantation Index accumulated 164.53 points to 7,704.74, and the Industrial Index added 20.72 points to 3,327.37.

Weekly turnover advanced to 12.54 billion units worth RM8.88 billion from 10.24 billion units valued at RM10.06 billion last week.

Main market volume went up to 7.67 billion units worth RM9.99 billion from 5.54 billion units worth RM9.14 billion.

Warrant turnover eased to 1.64 billion units worth RM248.39 million from 1.75 billion units worth RM263.86 million.

The ACE market expanded to 3.23 billion units worth RM638.52 million from 2.95 billion units worth RM654.58 million last Friday. — Bernama