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Monday June 18, 2012
KUALA LUMPUR: SHARE prices on Bursa Malaysia are likely to trend higher this week following positive leads from the US market, coupled with impressive recovery from the Greek financial markets, Affin Investment Bank vice-president, head of retail research Dr Nazri Khan said.
Apart from that, he said, news that major central banks were preparing coordinated financial stimulus would also lend support to the bourses globally.
He said the fact that global equities, including the local bourse had been holding well despite negative leads, suggested the local market's resilience.
“We reckon the Group of 20 central banks' decision to provide standby stimulus on any adverse Greece election results and the possibility of further liquidity measures from the Federal Reserve are likely to boost market confidence in the near term,” he told Bernama.
Nazri said the biggest bullish driver this week would definitely be the Greek stock market which has rocketed sharply, reflecting investor confidence on positive outcome from the Greece national elections.
On the local front, he said, the coming initial public offering of Integrated Healthcare Holdings and Astro Bhd should provide catalysts. The local bourse saw see-saw trading for the whole week with the FTSE Bursa Malaysia KLCI (FBM KLCI) moved between closing level of 1,570.94 and 1,579.23.
On a Friday-to-Friday basis, the FTSE Bursa Malaysia KLCI increased 8.61 points to 1,579.23 compared with previous Friday's closing of 1,570.62.
The Finance Index rose 56.32 points to 14,124.53 but the Industrial Index declined 35.22 points to 2,744.05 while the Plantation Index jumped 112.85 points to 8,413.51.
The weekly volume rose to 3.768 billion shares worth RM7.207bil from previous week's 3.372 billion shares valued at RM5.642bil.
The main market turnover increased to 2.778 billion units worth RM7.046bil compared with 2.342 billion shares valued at RM5.472bil previously. Bernama
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