KUALA LUMPUR (Bernama): Bursa Malaysia is expected to see bargain-hunting activity emerge on Monday (Dec 1) after its recent consolidation, as investors reassess market sentiment ahead of key global macroeconomic signals.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan noted that the FTSE Bursa Malaysia KLCI (FBM KLCI) is now within a valuation range that has begun to attract selective bargain-hunting interest.
He added that investors will also focus on several key data releases that could shape the United States Federal Reserve’s (Fed) policy outlook, including private hiring figures, services activity data, and the Personal Consumption Expenditure (PCE) index.
"Domestically, Malaysia’s S&P Global Manufacturing Purchasing Managers’ Index (PMI), due on Monday, will provide an important update on factory momentum, export conditions and overall manufacturing sentiment heading into December," he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng believes that as the FBM KLCI slipped into oversold position, bargain-hunting flows can be expected to gradually return.
"Hence, we anticipate the benchmark index to trend within the 1,600-1,630 range for next week," he said.
On a Friday-to-Friday basis, the FBM KLCI fell 13.10 points to 1,604.47 from last week's 1,617.57.
For the index board, the FBM Emas Index declined 80.84 points to 11,915.97, the FBMT 100 Index dipped 69.14 points to 11,700.97, and the FBM Emas Shariah Index slid 141.78 points to 11,850.90.
The FBM ACE Index tumbled 116.97 points to 4,824.62 while the FBM 70 Index gained 15.05 points to 16,856.08.
By sector, the Financial Services Index rose 199.95 points to 18,575.95, the Plantation Index slipped 164.51 points to 8,072.12, the Energy Index shed 8.18 points to 747.78, and the Industrial Products and Services Index edged down 0.90 of-a-point to 164.03.
Weekly turnover advanced to 22.37 billion units worth RM17.23 billion from 21.84 billion units worth RM14.44 billion a week ago.
The Main Market volume expanded to 8.55 billion units worth RM14.56 billion versus 7.41 billion units worth RM11.50 billion previously.
Warrants turnover eased to 11.74 billion units valued at RM1.99 billion against last week's 11.89 billion units valued at RM2.08 billion.
The ACE Market volume narrowed to 2.07 billion units valued at RM675.40 million from 2.53 billion units valued at RM858.82 million a week ago. - Bernama
