Bursa likely to improve on bargain hunting in coming week

TheEdge Sat, Aug 06, 2022 10:16am - 2 days View Original


KUALA LUMPUR (Aug 6): Bursa Malaysia is likely to trade better with bargain-hunting activities to take the stage next week, given the solid corporate earnings and positive economic data.

Inter-Pacific Asset Management Sdn Bhd executive director and fund manager Datuk Dr Nazri Khan Adam Khan said the FBM KLCI is expected to trend higher within the 1,520-1,530 range next week.

Technically, the next resistance is at 1,530 and support at 1,480.

He said the index stayed at the 1,500 level this week, the highest level in two months.

“Obviously, we can see an increase in domestic and foreign buying, mostly in banking stocks, with the market tracking regional peers, which were also trading positively,” he told Bernama.

Moving forward, he said the positive development suggests that the equities market had more optimism from internal as well as external factors, such as the stronger US equities market performance in three months. 

On geopolitical tensions between China and Taiwan, Nazri Khan said the market will trade sideways if tension between China and Taiwan takes the centre stage.

“If there is any escalating political tension between both countries, we may see some sideways trading, but so far there's no signs that the tension will escalate,” he added.

At Friday’s (Aug 5) close, the KLCI fell 6.16 points to 1,501.55 from 1,507.71 on Thursday.

On a weekly basis, the benchmark index expanded 9.32 points to 1,501.55 , from 1,492.23, at the end of the previous week.

On the index board, the FBM Emas Index rose 57.55 points to 10,659.45, the FBM Emas Shariah Index increased 95.55 points to 10,830.32, the FBM 70 was 17.22 points higher at 12,775.66, the FBMT 100 Index climbed 52.80 points to 10,405.68, and the FBM ACE improved 26.03 points to 4,874.03. 

Sector-wise, the Plantation Index jumped 126.93 points to 7,125.27, while the Financial Services Index fell 15.07 points to 16,630.32, the Energy Index was 18.21 points weaker at 653.03, and the Industrial Products and Services Index gave up 0.39 of a point to 183.98.

Weekly turnover was marginally higher at 12.41 billion units worth RM7.96 billion, from 12.23 billion units worth RM7.5 billion in the previous week.

The Main Market volume was lower at 8.07 billion shares valued at RM6.75 billion, against 8.57 billion shares valued at RM6.45 billion in the previous week.

Warrant volume rose to 1.56 billion units worth RM269.81 million, versus 1.5 billion units worth RM275.57 million last week.

The ACE Market volume increased to 2.76 billion shares valued at RM938.56 million, from 2.16 billion shares valued at RM770.09 million the week before.

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BURSA 6.570
FBMKLCI 1493.990

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