Bursa Malaysia to trade in cautious mode with upside bias next week
KUALA LUMPUR: Bursa Malaysia is expected to trade in cautious mode next week, but with an upside bias amid a constructive backdrop, as investors shift their focus away from the Middle East risks, an analyst said.
SPI Asset Management managing partner Stephen Innes believed investors will concentrate on assessing upcoming macroeconomic data releases while awaiting the deadline for the United States' reciprocal tariff pause.
"That said, the chances of an extension to the deadline are increasing given recent geopolitical distractions," he told Bernama, adding that market sentiment could also be supported by the possibility of a Federal Reserve rate cut at its July meeting.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng maintains a cautiously optimistic view on the FTSE Bursa Malaysia KLCI's (FBM KLCI) near-term outlook, as the index shows signs of upward momentum.
"We believe that a breakout above the 1,530 level, supported by strong trading volume and sustained price action, would be a constructive signal that the market is ready to stage the next leg of its rally," he said.
For the upcoming week, Thong believes that market attention will focus on several key macroeconomic releases, both locally and internationally.
"In the near term, we anticipate the FBM KLCI to trade within a range of 1,510 to 1,540," he added.
On a weekly basis, the barometer index advanced 25.42 points to 1,528.16 from 1,502.74 in the preceding week.
The FBM Emas Index expanded 169.81 points to 11,398.80, the FBMT 100 Index 165.91 points to 11,181.36, and the FBM Emas Shariah Index garnered 139.79 points to 11,341.13.
The FBM 70 Index climbed 152.91 points to 16,270.66 and the FBM ACE Index rose 73.91 points to 4,474.76.
Across sectors, the Financial Services Index jumped 268.72 points to 17,737.10, the Plantation Index surged 108.50 points to 7,329.02, the Healthcare Index edged up 17.70 points to 1,709.59, and the Industrial Products and Services Index perked up 4.71 points to 151.98.
However, the Energy Index declined by 3.03 points to 732.68.
Turnover for the shortened trading week narrowed to 11.68 billion units worth RM8.45 billion from 13.72 billion units worth RM10.84 billion in the preceding week.
The Main Market volume dropped to 5.40 billion units valued at RM7.39 billion against 6.29 billion units valued at RM9.63 billion previously.
Warrants turnover tumbled to 4.96 billion units worth RM655.61 million versus 6.16 billion units worth RM845.61 million a week ago.
The ACE Market volume slipped to 1.07 billion units valued at RM399.48 million compared with 1.25 billion units valued at RM361.21 million a week earlier.
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