AxiCorp chief market strategist Stephen Innes said with the FTSE Bursa Malaysia KLCI (FBM KLCI) ended above 1,400 on Friday, it would inspire some confidence in the market next week.
Hence, he expects the FBM KLCI to hover between 1,420 and 1,390.
Oil continue to rip higher in Asia after a nine per cent rally in the US market on Friday amid a positive stockpile prospect.
On Thursday, the International Energy Agency (IEA) projected oil supply to fall by 12 million barrels per day in May as OPEC+ countries are seeing compliance with their output quotas.
The IEA also sees a 6.7 million barrels per day non-OPEC production decline from March-June, with the US and Canada leading the way.
"There are lingering concerns over an escalation of the US-China trade war, but until that happens, the market is chalking it down to more of a pillow fight but will keep an eye on the proceedings if boxing gloves are brought out.
"And the market will start to panic if both sides take the gloves and begin to get down and dirty into a full-blown trade spat again. However, I think that is unlikely to happen,” he told Bernama.
Throughout the week, the market was mostly mixed, with Bursa Malaysia’s volume reaching its all-time high of 9.59 billion units worth RM5.1 billion on Wednesday after Bank Negara Malaysia announced a much-better-than-expected first quarter (Q1) gross domestic product growth of 0.7 per cent.
The previous all-time high of 7.67 million units was recorded on Aug 20, 2014.
Bursa Malaysia was closed on Monday in lieu of the Nuzul Al-Quran public holiday which fell on Sunday.
On a Friday-to-Friday basis, key index FTSE Bursa Malaysia KLCI (FBM KLCI) rose 20.63 points to end at 1,403.44.
On the scoreboard, the FBM Emas Index jumped 132.15 points to 9,868.06, the FBMT 100 Index expanded 129.60 points to 9,716.11, and the FBM Emas Shariah Index went up 287.60 points to 11,134.05.
The FBM 70 climbed 91.74 points to 11,991.41 and the FBM ACE Index surged 368.69 points to 5,390.1.
Sector-wise, the Financial Services Index decreased 18.06 points to 12,267.21, the Industrial Products and Services Index gained 0.24 of-a-point to 120.88 and the Plantation Index shrank 42.51 points to 6197.16
In the holiday-shortened week, weekly turnover increased to 32.22 billion units worth RM16.74 billion from 21.80 billion units worth RM10.71 billion last Friday.
Main Market volume rose to 18.74 billion shares worth RM13.12 billion compared with 14.48 billion shares worth RM9.20 billion previously.
Warrants turnover expanded to 1.69 billion units worth RM381.52 million versus 1.32 billion units worth RM250.62 million last week.
The ACE Market volume jumped to 11.82 billion shares worth RM3.23 billion vis-a-vis last Friday’s 6.0 billion shares worth RM1.27 billion. - Bernama
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