KUALA LUMPUR: Bursa Malaysia is expected to trade cautiously this week, with the market likely to consolidate within the 1,620 to 1,640 range, according to an analyst.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI continues to show resilience, holding firmly above the crucial 1,620 level, which now serves as the immediate support area.
He emphasised the importance of sustaining this level, as it reflects ongoing investor confidence and the market’s ability to absorb recent profit-taking without significant weakness.
“We view this consolidation phase as a healthy pause, allowing the index to build momentum for a potential push toward the next resistance levels in the coming sessions.
“As long as the index remains above 1,620, the overall outlook remains positive, suggesting the market is gradually forming a stronger base for the next upward move,” he told Bernama.
On a Friday-to-Friday basis, the FBM KLCI dropped 12.81 points to 1,622.25 from the previous week’s 1,635.06 points.
Weekly turnover improved to 18.81 billion units worth RM14.76bil compared with 18.04 billion units valued at RM14.55bil in the previous week.
