KUALA LUMPUR: Bursa Malaysia is expected to remain range-bound with a slight upward bias this week, as investors await new catalysts to determine the market’s direction.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng sees the benchmark index maintaining its sideways pattern with a mild upward bias until fresh drivers emerge.
“We anticipate the index to trend within the 1,570 to 1,600-point range next week, representing its support and resistance levels,” he told Bernama.
Thong noted that the benchmark index hovered between 1,570 and 1,580 points last week, consolidating as the absence of new catalysts and ongoing foreign outflows limited upside momentum.
This week, market players will be eyeing new economic data, including Malaysia’s industrial production and manufacturing sales value
Meanwhile, in the United States, key releases include the consumer price index, producer price index and initial jobless claims.
On a weekly basis, the FBM KLCI rose 3.03 points to 1,578.15 last Thursday from 1,575.12 the previous Friday.
Weekly turnover fell to 7.92 billion units worth RM7.89bil from 16.30 billion units worth RM18.65bil in the previous week. — Bernama
