Bursa Malaysia KLCI forecast weekly feb 27 - march 2 2012

Bursa Malaysia KLCI forecast weekly feb 27 - march 2 2012 : Bursa Malaysia is expected to see steadier trade next week backed by increasing risk appetite brought on by better external developments, dealers said. Affin Investment Bank's head of retail, Dr Nazri Khan, said investors regionally were reacting positively to the recent 130 billion euros second bailout deal to save Greece from bankruptcy.

"We noted that global stocks finally recorded their first gains, where the Financial Times Stock Exchange All World rose 0.5 per cent on Friday, the first rise after three down sessions," he told Bernama.

Back home, Nazri said the stronger ringgit movement, which recorded 1.1 per cent gains weekly and 4.5 per cent gains in year-to-date indicated more inflow for the local equities.

The rising oil price can be also a positive sign for the FTSE Bursa Malaysia KLCI (FBM KLCI), given the country's net exporter status and high oil and gas sector weight, he said.

Nazri also believed that the three days of profit taking in the stock exchange from Wednesday until Friday was a healthy correction to neutralise its overbought momentum.

Next week, FBM KLCI will continue to move within a tight, bullish trading range with near term support pegged at 1,550 level and resistance at the 1,565 level, he added.

On a Friday-to-Friday basis, the FBM KLCI earned 1.62 points to 1,558.77 from 1,557.15 previously, but the Finance Index lost 1.96 points to 13,861.51.

The Plantation Index fell 190.3 points to 8,630.99 and the Industrial Index slipped 36.41 points to 2,865.70.

The FBM Emas Index decreased 33.76 points to 10,793.10, the FBM 70 Index declined 134.64 points to 12,196.91 but the FBM Ace Index was up by 12.58 points to 4,710.36.

Weekly volume decreased to 9.635 billion shares worth RM9.345 billion from 11.968 billion shares worth RM10.437 billion last week.

Turnover on the Main Market declined to 6.055 billion units valued at RM8.741 billion from 8.456 billion units valued at RM9.869 billion previously.

Volume on the ACE market was higher at 2.694 billion shares worth RM477.44 million against 2.273 billion units valued at RM373.178 million.

Warrants dropped to 870.44 million units worth RM122.012 million from 1.198 billion units worth RM185.548 million transacted last week. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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