KUALA LUMPUR: Bursa Malaysia is expected to maintain its positive momentum, supported by improving investor sentiment and a bullish global market outlook, a dealer says.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that from a technical perspective, the FBM KLCI is holding above both the 20-day and 50-day exponential moving averages, indicating a bullish short-term bias.
“The Moving Average Convergence Divergence remains above the signal line, with the histogram expanding positively, signalling rising momentum. These technical indicators suggest a constructive market outlook, with potential for further upside.
“Hence, moving forward to this week, we expect the rising momentum to persist with the benchmark index to hover between 1,520 and 1,560, representing the support and resistance levels, respectively,” he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan has maintained a positive view on the FBM KLCI’s near-term trajectory, with the recent relief rally likely to continue.
“The benchmark index appears set to challenge the 1,555 resistance level. Our short-term outlook remains supported by a combination of factors: a less confrontational tone in US-China relations, and rising foreign capital inflows into Malaysian assets,” he said.
