Dr Nazri Khan, Affin Investment Bank Head of Retail Research, said the key stock market index would probably move upward on local project news flow, global equity rebound, better USA jobs data, anticipated European liquidity stimulus and growing optimism that Greece would avoid a disorderly default.
Despite the broad selloff from Tuesday to yesterday, we generally view the distribution as a healthy correction to neutralise the overbought market condition,” he told Bernama.
Since October last year, FBM KLCI has gained 12.5 per cent.
He said the market would eye the 1,600 level next week driven by interest from foreign traders who had been net buyers in the market for 16 consecutive days until yesterday.
“As for the technical front, the fact that FBM KLCI is holding above the 20, 50 and 200-day moving averages is an indication the longer-term trend is still positive with the key index aiming for 1,600 level as the ultimate near term target,” he said.
Meanwhile, Nazri said he expected positive project news flow from the construction and oil and gas sectors to sustain the local sentiment.
“We anticipate more contracts to be awarded in the MRT, LRT extension, West Coast Expressway and Seremban-Johor Baharu double-tracking projects soon,” he said.
Meanwhile, MIDF Research Senior Analyst Syed Muhammed Kifni Syed Kamaruddin said the market in the near term would at least re-test the all-time high of 1,597 level.
He said the resistance and support levels for next week were anticipated to be 1,600 and 1,565 points respectively.
Tenaga ended this week 13 sen higher at RM6.39, Maybank added two sen to RM8.74, CIMB gained eight sen to RM7.34 and Sime Darby and Petronas Chemicals gained one sen each to RM9.85 and RM6.84 respectively.
On Friday-to-Friday basis, the FBM KLCI fell 4.78 points to 1,579 from 1,583.78.
The FBM Emas Index decreased 47.84 points to 10,899.05 from 10,946.86, the FBM ACE Index declined 41.36 points to 4,660.87 from 4,702.23 and the Finance Index lost 25.75 points to 14,104 from 14,129.75.
The Industrial Index moved down 62.67 points to 2,864.1 from 2,926.77 while the Plantation Index dropped 48.67 points to 8,629.54 from 8,678.21.
The weekly volume declined to 7.556 billion shares valued at RM8.631 billion from 8.560 billion shares worth RM9.87 billion.
Turnover on the Main Market decreased to 5.446 billion shares valued at RM8.32 billion from 5.601 billion shares valued at RM9.394 billion.
Volume on the ACE Market dropped to 1.528 billion shares worth RM301.55 million from 2.109 billion shares worth RM360.681 million.
Warrants decreased to 566.672 million units worth RM85.524 million from 810.440 million units worth RM112.830 million. –Bernama
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
Related Post:
Malaysia stock market
- FTSE Bursa Malaysia KLCI outlook week april 2-6 2012
- FTSE Bursa Malaysia KLCI outlook next week march 19-23 2012
- Bursa Malaysia KLCI forecast weekly feb 27 - march 2 2012
- ASB Dividend per share december 31 2011
- Malaysia Market factors to watch June 20 june 2011
- Market overview, Crude-oil prices, CPO futures, US soybean may 15 2011
- Malaysia Futures Trading Chart Today
- Ringgit Opens market may 9 2011 Higher In Tandem With Local Bourse
- Malaysia stock market and companies daily report for April 04, 2011
- crude palm oil prices in malaysia 2011
- Malaysia stock market and companies report February 24, 2011
- top picks malaysian stocks markets in february 2011
- Malaysia stock market and companies daily report (January 21, 2011)
- Malaysia stock market is predicted to be bullish for the first half of 2011
- Malaysia stock market and companies daily report January 10, 2011
- Restructuring the real estate and securities market
- Malaysia stock market and companies daily report January 04, 2011
- Malaysian stocks on bullish sentiment boosted by US data
No comments:
Post a Comment