KUALA LUMPUR, Dec 28 (Bernama) -- Bursa Malaysia is anticipated to consolidate at current levels next week with a bullish bias amidst the year-end window dressing, said an analyst.
AxiTrader Asia-Pacific chief Asia market strategist Stephen Innes said optimism in the global markets would continue to feed into the local market next week despite a pullback early Friday due to risk reduction.
"I'm optimistic about Malaysian stocks especially oil and gas and oil palm. The heavyweights will do just fine as regional business sentiment recovers, that's due to the US-China trade truce.
"Right now the market is trying to carve out a new trading range above 1,600. Still on a break, I remain confident buyers will emerge on dips, and I think there is a chance the index will break above the key 1,615 level sooner than later," he told Bernama.
“If the currency markets remain stable to bullish, we could gravitate to the 1,615 mark,” he added.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 7.06 points higher on Friday at 1,610.61, after surging in the final trading hour, partly helped by gains in plantation stocks and continuation of the year-end window dressing.
The market was closed on Wednesday for the Christmas holiday.
On a Friday-to-Friday basis, the FBM KLCI gained 0.43 of-a-point to 1,610.61 from 1,610.18 previously.
On the scoreboard, the FBM Emas Index increased 25.85 points to 11,430.59, the FBMT 100 Index advanced 16.23 points to 11,226.66, the FBM 70 added 75.05 points to 14,183.03, the FBM Ace Index expanded 96.67 points to 5,125.26 and the FBM Emas Shariah Index eased 13.51 points to 12,055.03.
Sector-wise, the Financial Services Index improved by 87.01 points to 15,648.54, the Plantation Index was 110.18 points higher at 7,714.33 and the Industrial Products and Services Index eased 1.08 points to 153.78.
Weekly turnover fell to 7.66 billion units worth RM5.05 billion from 11.41 billion units worth RM9.87 billion in the previous week.
Main Market volume shrank to 5.58 billion units valued at RM4.54 billion versus 7.88 billion units valued at RM9.06 billion before.
Warrants turnover dwindled to 835.48 million units valued at RM137.16 million from 1.54 billion units valued at RM271.82 million previously.
The ACE Market volume declined to 1.24 billion units valued at RM369.61 million from 1.98 billion units valued at RM535.60 million.
Bursa Malaysia, FBM KLCI, AxiTrader, window dressing, consolidate