KUALA LUMPUR, Nov 23 (Bernama) -- Bursa Malaysia is expected to trend higher next week, with the composite index seen moving above the 1,600 points level on the back of positive external developments.

Rakuten Trade Sdn Bhd head of research Kenny Yee said the progress in the US-China trade talks would continue dominating sentiment in the global equity markets.

“Last week’s positive sentiment following Chinese Vice Premier Liu He’s invitation for (US trade representative) Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for further trade talks, will continue to weigh on interest in equities next week,” he told Bernama.

He said the immediate resistance is now spotted at 1,610 and support at 1,590, adding there would be no local catalysts to drive the market next week.

For the week just-ended, Bursa Malaysia moved in chopping trading mainly weighed by US-China trade talks with prospects for ‘phase one’ trade deal becoming gloomy after a report said Beijing was pessimistic about the outlook.

The passing of Hong Kong human rights bill by the US Senate also seemed to suggest that the prospect of reaching an amicable solution under the ongoing trade negotiations is highly uncertain.

On a Friday-to-Friday basis, the FBM KLCI improved 2.09 points to 1,596.84 from 1,594.75 previously.

On the scoreboard, the FBM Emas Index increased 14.72 points to 11,328.49, the FBMT 100 Index bagged 12.68 points to 11,138.49, the FBM Emas Shariah Index earned 34.18 points to 11,870.13 and the FBM 70 gained 8.13 points to 14,103.61.

However, the FBM Ace Index fell 29.07 points to 4,891.

Sector-wise, the Financial Services Index contracted 62.54 points to 15,549.19 and the Industrial Products and Services Index slipped 1.85 points to 151.53 but the Plantation Index soared 249.46 points to 7,178.

Weekly turnover increased to 13.41 billion units worth RM10.18 billion from 11.90 billion units valued at RM8.56 billion last week.

Main Market volume rose to 8.94 billion units worth RM6.84 billion versus 7.70 billion units valued at RM7.61 billion.

Warrants turnover inched up to 1.61 billion units worth RM333.33 million against 1.6 billion units valued at RM332.93 million recorded previously.

The ACE Market volume improved to 2.86 billion units worth RM592.59 million from 2.59 billion units valued at RM611.58 million.