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Tag: bursa malaysia

  • Bursa Malaysia expected to trade higher next week

    Bursa Malaysia is likely to trend higher next week on improved sentiment including Bank Negara’s overnight policy rate (OPR) cut, rebound in oil prices, global bank stimulus and a stronger currency.

    Affin Hwang Investment Bank Vice-President and Retail Research Head, Datuk Dr Nazri Khan Adam Khan said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was ready to stage further upside if the ringgit and commodities continued to strengthen.

    He said the local bourse should be catalysed by Bank Negara’s unexpected move to reduce the OPR to 3.00% from 3.25%.

    “The index should be bullish with the rate cut although the broad market is slow to react.

    “We see the OPR cut as a pre-emptive move to ensure that inflation remains under control and the economy remains on a steady growth path,” he told Bernama.

    This was confirmed by the Malaysian bonds three-year yield which dropped to its lowest level since 2009 and a stronger ringgit which hit a 10-week high against the US dollar this week, he added.

    He said technically, the FBM KLCI had broken out from its consolidation zone and was still looking to test its immediate resistance level at 1,680.

    “Overall, given the buoyant mood coming from global markets as well as positive catalysts in the domestic front, we reckon that the FBM KLCI could be poised to trend upwards this week to break out from its consolidation zone,” said Nazri Khan.

    He said the upside resistance and downside support are now spotted at 1,700/1,680 and 1,650/1,630 levels, respectively.

    On Friday-to-Friday basis, the FBM KLCI rose 23.86 points to 1,668.40 from 1,644.54 recorded last week.

    The FBM Emas Index improved 190.22 points to 11,657.87, the FBMT 100 Index rose 184.2 points to 11,360.08 and the FBM Emas Syariah Index was 208.9 points higher at 12,228.11.

    On a sectoral basis, the Finance Index fell 22.19 points to 14,252.12, the Industrial Index increased 46.35 points to 3,140.55 and the Plantation Index improved 13.94 points to 7,531.31.

    Weekly turnover increased to 8.18 billion units worth RM9.37 billion from 2.87 billion units worth RM3.37 billion last week.

    Main market volume rose to 5.44 billion shares worth RM8.84 billion from 1.95 billion shares valued at RM3.21 billion previously.

    Warrant turnover swelled to 1.22 billion units valued at RM197.75 million from 446.69 million units worth RM75.04 million last week.

    The ACE market increased to 1.49 billion shares worth RM320.29 million from 471.92 million shares valued at RM89.36 million previously.

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  • Bursa Malaysia likely to trade higher next week

    Bursa Malaysia likely to trade higher next week

    Shares on Bursa Malaysia are expected to trade higher next week, supported by positive domestic and regional sentiments.

    Affin Hwang Investment Bank vice-president/head of retail research Datuk Dr Nazri Khan Adam Khan said market has been on an upward trend for the past two months with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) forming a solid psychology level at the 1,7000 level.

    “We have similar upward momentum from our crude palm oil (CPO) and rubber that support the sentiment for next week. “The crude oil price also has stabilised and its recovery to US$43 per barrel, orchestrated well for Bursa Malaysia’s stocks,” he told Bernama.

    Nazri said with China’s trade data remaining positive and solid, it indicated that the country is stabilising.

    The upcoming Sarawak election and the Ecoworld International initial public offering (IPO) will be a domestic catalyst in supporting the local bourse’s sentiment, he added.

    Nazri called on investors to accumulate the “Sarawak election-theme play” counters, namely Naim Holdings and Ta Ann Holdings.

    For the week just ended, the market has been on consolidation mode as expected after the previous week’s rally.

    The FBM KLCI confined in tight range as sentiment turned cautious ahead of a weekend meeting of oil producers.

    Oil producers led by top exporters, Saudi Arabia and Russia are expected to meet in Qatar on Sunday to discuss freezing output to rein in ballooning global over-production.

    On a weekly basis, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) finished 9.59 points higher at 1,727.99.

    The FBM Emas Index rose 44.53 points to 11,997.07, the FBMT100 Index added 46.74 points to 11,693.21 while the FBM Emas Syariah Index shed 2.27 points to 12,539.76.

    On a sectoral basis, the Finance Index soared 162.16 points to 15,034.70, the Plantation Index trimmed 36.27 points to 7,785.25, while the Industrial Index gained 25.04 points to 3,290.97.

    Weekly turnover leaped to 8.17 billion units valued at RM8.65 billion from 7.78 billion units valued at RM9.60 billion last week.

    Main market volume gained to 5.61 billion shares valued at RM8.21 billion from 5.13 billion shares valued at RM9.16 billion previously.

    Warrant turnover jumped to 997.74 million units valued at RM130.26 million from last week’s 928.94 million units valued at RM130.12 million. The ACE market rose 1.56 billion shares worth RM305.06 million from 1.52 billion shares worth RM307.35 million, transacted previously.

    Gold futures contracts on Bursa Malaysia Derivatives are likely to trade slightly lower next week with the ringgit expected to continue its upward momentum.

    A dealer said the strengthening of the ringgit due to a rally in global oil prices had added pressure on gold.

    “With the equities market set to remain strong and oil prices continuing to edge higher, gold is likely to face continuing pressure,” he said.

    He said the Bursa Malaysia’s gold futures market would also track the performance of the New York Commodity Exchange’s (COMEX) gold market, the price setter for the precious metal.

    On a Friday-to-Friday basis, April 2016 loss 10 ticks to RM154.50 a gramme and July 2016 slipped 17 ticks to RM155 a gramme, while May 2016 increased three ticks to RM155.30 a gramme and June 2016 added seven ticks to RM155.65 a gramme.

    Weekly turnover rose to 151 lots worth RM2.28 million from 99 lots valued at RM1.46 million last week.

    Open interest on Friday widened to 566 contracts from 553 contracts previously.

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