KUALA LUMPUR: Bursa Malaysia is expected to consolidate this week, with the FBM KLCI projected to trade within the 1,600 to 1,630 range amid a mildly positive bias.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the outlook remains cautiously optimistic, with selective bargain hunting for fundamentally sound blue-chip stocks expected to support the local market.
“The benchmark index has demonstrated resilience around 1,600 last week, although a sustained move above the 1,620 level may prove challenging without stronger buying participation.
“This week, investors will also monitor Bank Negara Malaysia’s monetary policy decision on Nov 5 and upcoming corporate earnings,” he told Bernama.
Meanwhile, IPPFA director of Investment Strategy and country economist Mohd Sedek Jantan said Malaysia’s Manufacturing Purchasing Managers’ Index, scheduled for release today, will be an important indicator of underlying economic momentum. — Bernama
