Bursa Malaysia likely to re-test 1,600-level from Monday (March 1)


KUALA LUMPUR, Feb 28 (Bernama): Bursa Malaysia is anticipated to re-test the 1,600-level this week, with recovery-theme and vaccine-related stocks likely to be in focus following the start of the National Covid-19 Immunisation Programme last Wednesday.

Rakuten Trade Sdn Bhd head of equity sales Vincent Lau said a series of better-than-expected corporate earnings results released recently would also lend some support to the local bourse in the coming week.

"We expect the FBM KLCI to range between 1,560 and 1,590 the coming week.

"But with so many corporate results that had beaten market anticipations, the key index is also likely to re-test the 1,600-level next week,” he told Bernama.

Bursa Malaysia had been traded in a volatile pattern over the past week, with the market bellwether settling at its intra-day low for three straight days at the beginning of the week.

Investor sentiment was mainly influenced by the vaccination programme, overnight Wall Street and regional markets performance, as well as corporate results amid the earnings season.

On a Friday-to-Friday basis, the benchmark FBM KLCI shrank 7.18 points to 1,577.75 from last week’s 1,584.93.

On the scoreboard, the FBM Emas Index decreased 27.44 points to 11,614.17 and the FBMT 100 Index trimmed 18.34 points to 11,302.0.

The FBM 70 retreated 101.82 points to 15,461.17, the FBM ACE Index shrank 375.10 points to 10,873.52, and the FBM Emas Shariah Index erased 139.94 points to 12,979.15.

Sector-wise, the Financial Services Index added 129.56 points to 15,002.34, Industrial Products and Services Index gained 3.07 points to 185.34 but the Plantation Index receded 11.72 points to 7,177.33.

The Energy Index dropped 15.06 points to 931.89, the Technology Index edged down 0.94 of-a-point to 88.97 and the Healthcare Index slipped 259.87 points to 3,191.67.

Turnover declined to 57.72 billion units worth RM30.94 billion from 61.61 billion units worth RM28.79 billion in the previous week.

Main Market volume dwindled to 36.43 billion shares valued at RM26.85 billion versus 40.97 billion shares worth RM23.49 billion last week.

Warrants turnover rose to 2.34 billion units worth RM406.84 million against 1.66 billion units worth RM248.97 million previously.

The ACE Market volume edged down to 18.91 billion shares valued at RM13.41 billion compared with 18.96 billion units worth RM5.04 billion, the week earlier. - Bernama
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