BURSA MALAYSIA LIKELY TO STAY IN CONSOLIDATION MODE NEXT WEEK

By Abdul Hamid A Rahman

KUALA LUMPUR, Oct 18 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to remain in consolidation mode next week as investors stay cautious amid heightened market volatility and lingering global trade concerns.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regional markets, particularly China and Hong Kong, saw sharp declines this week as trade frictions between Beijing and Washington persisted, dampening overall sentiment across Asia.

“Key economic data to watch in the coming week include China’s third-quarter gross domestic product (GDP), the United States’ September consumer price index (CPI), and the eurozone’s October purchasing managers’ index (PMI),” he told Bernama.

Thong said that despite the cautious tone, selective bargain-hunting activities may surface, particularly in oversold blue chips and value stocks.

“For now, maintaining the FBM KLCI above the 1,600-point level is crucial to preserve its near-term uptrend structure and sustain investor confidence,” he said, adding that the benchmark index is anticipated to trend within the 1,600–1,620 range next week.

On a Friday-to-Friday basis, the FBM KLCI dropped 15.07 points to 1,607.18 from last week’s 1,622.25.

For the index board, the FBM Emas Index fell 126.40 points to 12,004.91, the FBMT 100 Index decreased 111.86 points to 11,742.02, the FBM ACE Index slipped 19.87 points to 5,278.89, the FBM 70 Index dropped 169.58 points to 17,007.94, and the FBM Emas Shariah Index declined 141.70 points to 12,057.27.

By sector, the Plantation Index eased 30.09 points to 7,860.86, the Industrial Products and Services Index decreased 3.81 points to 171.05, the Energy Index weakened 10.07 points to 788.93, and the Financial Services Index contracted 191.00 points to 18,192.44.

Weekly turnover eased to 18.78 billion units worth RM16.18 billion compared with 18.81 billion units valued at RM14.76 billion in the previous week.

The Main Market volume increased to 10.80 billion units worth RM14.53 billion from 10.06 billion units valued at RM12.91 billion previously.

Warrants turnover declined to 5.39 billion units valued at RM641.92 million versus 6.07 billion units worth RM810.65 million in the preceding week.

The ACE Market volume slipped to 2.58 billion units valued at RM992.03 million compared with 2.68 billion units worth RM1.04 billion previously.

-- BERNAMA