KL shares may test 1,350-point level
Share prices on Bursa Malaysia are expected to rise next week to test the 1,350-point level with retail investors as the main players, dealers said.
Some banking stocks like CIMB and Hong Leong are expected to remain among the favourites on expectations of a strong second-quarter growth in the industry, Pong said.
The announcement of results will peak next month, he said.
Good financial results reported by DiGi also spurred some buying interest in the counter during the week.
Another analyst said external factors such as the performance of Wall Street and regional stock markets should not be neglected as they could provide direction to the local bourse as well.
On Friday, the local bourse rebounded in reaction to the Wall Street's uptrend, after investors had turned jittery on Thursday over US Federal Reserve chairman Ben Bernanke's congressional testimony that the US economy faced "unusually uncertain" prospects.
"The local market is in a neutral tone and moving positive. Any pullback is expected to be limited with the key index support seen at the 1,340-point level, and resistance at 1,350 points," the analyst said.
For the week just ended, the key FBM KLCI went up by 9.63 points to 1,345.68.
According to the dealers, it was a good week for new listings.
EA Holdings Bhd, an investment holding, management and consultancy services company, made its debut on July 20 at 45 sen, which is 20 sen premium over its offer price of 25 sen. The shares ended the week higher at 70 sen.
On a Friday-to-Friday basis, the FBM KLCI increased by 9.03 points to 1,345.68 from 1,336.65 previously.
The FBM Emas Index rose 78.14 points to 9,126.57, the FBM70 gained 77.44 points to 9,162.94 and the FBM Ace Index edged up 51.40 points to 3,816.01.
The Finance Index advanced 86.51 points to 12,187.12, the Plantation Index added 90.59 points to 6,380.09 and the Industrial Index climbed 12.69 points to 2,667.72.
Total volume for the week rose to 4.175 billion shares worth RM6.527 billion from 3.4 billion shares worth RM5.937 billion last week.
Volume on the Main Market increased to 4.237 billion shares valued at RM6.384 billion from 3.101 billion shares valued at RM5.879 billion previously.
The Ace Market volume went up to 273.18 million shares worth RM216.745 million from 143.064 million shares worth RM19.081 million last week.
Warrants rose to 176.124 million units valued at RM29.516 million from 131.56 million units valued at RM21.985 million previously. -- Bernama
Pong Teng Siew of Jupiter Securities Sdn Bhd said higher prices of commodities, such as palm oil, will support plantation-related counters and gave the market a boost.
According to him, among the counters that are expected to be in the limelight next week are Sime Darby, IOI Corp and Kuala Lumpur Kepong.
The rally will be also underpinned by bank stocks, which recently saw a lack of interest despite Public Bank reporting a higher pre-tax profit of RM981.98 million in its second quarter on revenue of RM2.679 billion, he said.
Some banking stocks like CIMB and Hong Leong are expected to remain among the favourites on expectations of a strong second-quarter growth in the industry, Pong said. The announcement of results will peak next month, he said.
Good financial results reported by DiGi also spurred some buying interest in the counter during the week.
Another analyst said external factors such as the performance of Wall Street and regional stock markets should not be neglected as they could provide direction to the local bourse as well.
On Friday, the local bourse rebounded in reaction to the Wall Street's uptrend, after investors had turned jittery on Thursday over US Federal Reserve chairman Ben Bernanke's congressional testimony that the US economy faced "unusually uncertain" prospects.
"The local market is in a neutral tone and moving positive. Any pullback is expected to be limited with the key index support seen at the 1,340-point level, and resistance at 1,350 points," the analyst said.
For the week just ended, the key FBM KLCI went up by 9.63 points to 1,345.68.
According to the dealers, it was a good week for new listings.
EA Holdings Bhd, an investment holding, management and consultancy services company, made its debut on July 20 at 45 sen, which is 20 sen premium over its offer price of 25 sen. The shares ended the week higher at 70 sen.
On a Friday-to-Friday basis, the FBM KLCI increased by 9.03 points to 1,345.68 from 1,336.65 previously.
The FBM Emas Index rose 78.14 points to 9,126.57, the FBM70 gained 77.44 points to 9,162.94 and the FBM Ace Index edged up 51.40 points to 3,816.01.
The Finance Index advanced 86.51 points to 12,187.12, the Plantation Index added 90.59 points to 6,380.09 and the Industrial Index climbed 12.69 points to 2,667.72.
Total volume for the week rose to 4.175 billion shares worth RM6.527 billion from 3.4 billion shares worth RM5.937 billion last week.
Volume on the Main Market increased to 4.237 billion shares valued at RM6.384 billion from 3.101 billion shares valued at RM5.879 billion previously.
The Ace Market volume went up to 273.18 million shares worth RM216.745 million from 143.064 million shares worth RM19.081 million last week.
Warrants rose to 176.124 million units valued at RM29.516 million from 131.56 million units valued at RM21.985 million previously. -- Bernama
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