KL shares likely to move slightly higher
Publish date: Sat, 24 Aug 2013, 11:58 AM
The FBM KLCI is likely to move slightly higher next next week on technical rebound amid positive economic data.
The key index is expected to trade with an immediate target level of 1,740 following the mild reversal of the global stocks.
Affin Investment Bank vice president and head of retail research, Dr Nazri Khan, said he expected selling momentum to subside on rotational play biased towards small-capitalised stocks and Bursa Malaysia's resilience and defensive appeal.
He said portfolio rebalancing with institutional funds positioning ahead of the tabling of Budget 2014 in October would also help boost the local bourse.
"Since hitting a new high in May, the local index has declined 5.8 per cent which is an ideally healthy for a correction," Nazri told Bernama.
The FBM KLCI hit a high of 1,826.22-level on May 6, boosted by a buying spree in the heavyweights, after the 13th General Election.
Nazri said the weakness in Bursa Malaysia would be temporarily stretched given the oversold market situation.
"We must caution, however, that oversold situation does not suggest that a final bottom has been seen as there is no selling climax yet to suggest a medium-term bottom," he said.
On a Friday-to-Friday basis, the FBM KLCI fell 67.17 points to 1,721.07 from 1,788.24 last Friday.
The Finance Index dived 802.98 points to 16,242.83, Industrial Index depreciated 107.32 points to 2,907.58 and the Plantation Index dropped 217.01 points to 8,101.72.
The FBM Emas Index eased 518.53 points to 11,958.82 and the FBMT100 Index went down 499.78 points to 11,701.19.
The FBM Mid 70 Index declined 758.05 points to 13,574 and the FBM Ace Index lost 233.38 points to 5,250.41.
Weekly turnover rose to 11.571 billion shares valued at RM14.206 billion from 10.335 billion shares valued at RM8.972 billion last week.
Main market volume increased to 8.893 billion units worth RM13.731 billion from 7.499 billion units worth RM8.474 billion previously.
Warrants surged to 419.613 million shares valued at RM41.203 million from 160.223 million shares valued at RM18.305 million last week.
The ACE market volume fell to 2.248 billion units worth RM426.08 million from 2.632 billion units worth RM1.395 million last Friday.-- Bernama
The key index is expected to trade with an immediate target level of 1,740 following the mild reversal of the global stocks.
Affin Investment Bank vice president and head of retail research, Dr Nazri Khan, said he expected selling momentum to subside on rotational play biased towards small-capitalised stocks and Bursa Malaysia's resilience and defensive appeal.
He said portfolio rebalancing with institutional funds positioning ahead of the tabling of Budget 2014 in October would also help boost the local bourse.
"Since hitting a new high in May, the local index has declined 5.8 per cent which is an ideally healthy for a correction," Nazri told Bernama.
The FBM KLCI hit a high of 1,826.22-level on May 6, boosted by a buying spree in the heavyweights, after the 13th General Election.
Nazri said the weakness in Bursa Malaysia would be temporarily stretched given the oversold market situation.
"We must caution, however, that oversold situation does not suggest that a final bottom has been seen as there is no selling climax yet to suggest a medium-term bottom," he said.
On a Friday-to-Friday basis, the FBM KLCI fell 67.17 points to 1,721.07 from 1,788.24 last Friday.
The Finance Index dived 802.98 points to 16,242.83, Industrial Index depreciated 107.32 points to 2,907.58 and the Plantation Index dropped 217.01 points to 8,101.72.
The FBM Emas Index eased 518.53 points to 11,958.82 and the FBMT100 Index went down 499.78 points to 11,701.19.
The FBM Mid 70 Index declined 758.05 points to 13,574 and the FBM Ace Index lost 233.38 points to 5,250.41.
Weekly turnover rose to 11.571 billion shares valued at RM14.206 billion from 10.335 billion shares valued at RM8.972 billion last week.
Main market volume increased to 8.893 billion units worth RM13.731 billion from 7.499 billion units worth RM8.474 billion previously.
Warrants surged to 419.613 million shares valued at RM41.203 million from 160.223 million shares valued at RM18.305 million last week.
The ACE market volume fell to 2.248 billion units worth RM426.08 million from 2.632 billion units worth RM1.395 million last Friday.-- Bernama
Discussions
Be the first to like this. Showing 12 of 12 comments
Agrees with, hafiz and instunal funds might wan up the game n restore confdence in our equties mrkets ; epf ,pencen funds likewise n many mre might step up purchse monday...
2013-08-25 13:41
Hafiz, you are smart guy in stocks. I want to follow you. So far I invested not much in stocks but always in deficit. Need a leader to lead me to success. Can help me?
2013-08-25 14:55
What is the outlook for property counters next week ? The drop last week had significant impact on this sector.
2013-08-25 16:19
tak lari, mati cepat cepat, haahaahaa....nilai ringgit jatuh & apa jadi saham? fikir sendiri. kalau nilai ringgit jatuh apa mana nya? ...itu tunjuk economy Malaysia tak baik, kalau economy tak baik apa jadi saham? saham boleh naik kah, memang tak boleh, tak ada logic.
2013-08-25 18:16
Market ahead economy or economy ahead market ? We need to understand the fundamentalof macroeconomy
2013-08-25 18:29
told you all 2 days back that our bursa will masuk longkang...nobody believe me & now experience the bloodshed & you kena kuat kuat.
2013-08-27 14:38
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tsurukame
Foreign funds will most likely start bottom fish emerging markets(some would have done so during last 2 trading days last week) since there is greater clarity that global money supply would not contract!!
2013-08-25 13:32