KUALA LUMPUR (Bernama): Bursa Malaysia is expected to remain in consolidation mode amid the absence of fresh catalysts.
Apex Securities Bhd head of research Kenneth Leong anticipates the FTSE Bursa Malaysia KLCI (FBM KLCI) to range in the 1,530-1,560 level from Monday (March 24).
"Investors will be keeping tabs on key economic data such as Malaysia's inflation rate on March 25 and the producer price index on March 27.
"Globally, the US fourth quarter 2023 (4Q 2023) gross domestic product (GDP) data will be closely watched to provide further guidance on the coming months interest rate direction," he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained within a consolidative range of between 1,532 and 1,557 the past week.
"Despite this consolidation, the FBM KLCI was consistently above the 50-day exponential moving average (EMA) line.
"We, therefore, maintain the view that the benchmark index is still consolidating with a slight positive bias, with expectations of it hovering around the 20-day EMA," he said.
Thong said the 1,508-1,520 level may be re-tested if selling pressure persists.
He anticipates the FBM KLCI to trend within the 1,527-1,560 range next week with immediate resistance at 1,570 and support at 1,520.
On a Friday-to-Friday basis, the FBM KLCI fell 10.44 points to 1,542.39 from last week’s 1,552.83.
On the index board, the FBM Emas Index increased 11.51 points to 11,555.10, the FBM 70 Index surged 306.06 points to 15,970.70, the FBM ACE Index jumped 147.28 points to 4,856.34, and the FBM Emas Shariah Index put on 60.38 points to 11,651.98.
However, the FBMT 100 Index was 1.12 points easier at 11,204.18.
Sector-wise, the Plantation Index put on 44.32 points to 7,336.67, the Industrial Products and Services Index inched up 1.84 points to 178.73, and the Energy Index improved 18.34 points to 934.34, but the Financial Services Index slipped 87.75 points to 17,188.88.
Weekly turnover rose to 21.24 billion units worth RM14.16 billion from 20.96 billion units worth RM15.95 billion the preceding week.
The Main Market volume shrank to 13.10 billion shares worth RM12.35 billion from 13.79 billion shares worth RM14.54 billion a week ago.
Warrant turnover decreased to 4.17 billion units valued at RM563.70 million versus 4.30 billion units valued at RM534.73 million last week.
The ACE Market volume widened to 3.92 billion shares worth RM1.24 billion from 2.79 billion shares worth RM869.22 million previously. - Bernama
