KL shares seen continuing consolidation
Share prices on Bursa Malaysia will continue to consolidate further next week with upside bias amid positive external sentiment, dealers said.
Dealers said the market would follow the movement of Wall Street and European stocks following a new wave of optimism about the global economy's health.
"Investors will analyse markets and any other news. If New York shares go up, than the local bourse will follow," a dealer said, adding that there has been optimism that the impact of Europe debt crisis on the regional economy may be limited.
An analyst estimated the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) to touch the 1,334 level, with support at 1,311 unless new leads emerge.
However, uninterrupted upward trend for almost two weeks may be capped by profit-taking, the analyst said.
The market, which opened the week firmer, started to rebound following better than expected economy data from US and better economy outlook in Euro-zone.
The market ended the week broadly firmer boosted by persistent buying interest in selected heavyweights and lower-liners across-the-board.
The FBM KLCI had touched the highest level since May 20, last Tuesday.
On a Friday-to-Friday basis, the FBM KLCI index rose to 1,317.69 from 1,294.67 previously.
The FBM Emas Index went up to 8,881.98 from 8,716.04, FBM ACE increased to 3,875.73 from 3,796.45 and the FBM70 rose to 8,810 from 8,627.97 previously.
The Finance Index added to 11,795 from 11,637.45 and the Industrial Index increased to 2,633.07 from 2,587.81.
The Plantation Index surged to 6,217.26 from 6,102.53.
Turnover decreased to 2.731 billion shares worth RM4.486 billion from 2.878 billion shares valued at RM3.989 billion last Friday.
Volume on the Main Market declined to 2.345 billion units valued at RM4.408 billion units from 2.595 billion units worth RM3.927 billion previously.
The ACE Market volume rose to 273.080 million shares valued at RM40.199 million from 161.630 million shares worth RM23.059 million last Friday.
Call warrants decreased to 79.411 million units worth RM10.395 million from 84.530 million units valued at RM10.522 million previously. -- Bernama
Dealers said the market would follow the movement of Wall Street and European stocks following a new wave of optimism about the global economy's health.
"Investors will analyse markets and any other news. If New York shares go up, than the local bourse will follow," a dealer said, adding that there has been optimism that the impact of Europe debt crisis on the regional economy may be limited.
The dealer said consolidation was crucial for the market to settle on a firm base before moving to the next level.
An analyst estimated the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) to touch the 1,334 level, with support at 1,311 unless new leads emerge.
The market, which opened the week firmer, started to rebound following better than expected economy data from US and better economy outlook in Euro-zone.The FBM KLCI had touched the highest level since May 20, last Tuesday.
On a Friday-to-Friday basis, the FBM KLCI index rose to 1,317.69 from 1,294.67 previously.
The FBM Emas Index went up to 8,881.98 from 8,716.04, FBM ACE increased to 3,875.73 from 3,796.45 and the FBM70 rose to 8,810 from 8,627.97 previously.
The Finance Index added to 11,795 from 11,637.45 and the Industrial Index increased to 2,633.07 from 2,587.81.
The Plantation Index surged to 6,217.26 from 6,102.53.
Turnover decreased to 2.731 billion shares worth RM4.486 billion from 2.878 billion shares valued at RM3.989 billion last Friday.
Volume on the Main Market declined to 2.345 billion units valued at RM4.408 billion units from 2.595 billion units worth RM3.927 billion previously.
The ACE Market volume rose to 273.080 million shares valued at RM40.199 million from 161.630 million shares worth RM23.059 million last Friday.
Call warrants decreased to 79.411 million units worth RM10.395 million from 84.530 million units valued at RM10.522 million previously. -- Bernama
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