M'sian stocks likely to continue uptrend this week
KUALA LUMPUR: THE uptrend on Bursa Malaysia is likely to extend into this week with positive overseas developments prompting continued buying interest on the local front.
Head of Retail Research, Affin Investment Bank, Dr Nazri Khan said the FTSE Bursa Malaysia KLCI (FBM KLCI) will continue trending higher towards the 1,530-1540 points resistance zone as investors react positively to regional news flow.
“Given the fact that the local index stayed above the 1,500 points level, after rising virtually seven straight days, showed that worries over the impact of the disaster in Japan on the rest of Asia has eased,” he told Bernama.
Dr Nazri believed the local market recovery from the March 11 sell-off was completed as the FBM KLCI had reclaimed the price level just before the Japanese tsunami selling started.
Further, the stable Wall Street with the Dow breaking above the 12,000 level and with Nikkei rebounding 16% also suggested that the sentiment had improved.
“We note that the trading session has progressed with selling into strength dwindling and buying into weakness starting to rise in anticipation of more upside from solid first-quarter profits,” Dr Nazri added.
He said the looming Sarawak election would also favour Sarawak-based timber, oil and gas, and plantation shares such as Jayatiasa, Dayang and Sarawak Plantation.
This week, the FBM KLCI finished higher to settle at 1,515.55 compared with last Friday's 1,498.50 as demand bolstered from positive Wall Street and Asian cues as well as corporate news flow.
The FTSE Bursa Malaysia Emas Index increased 145.81 points to 10,416.93, the FTSE Bursa Malaysia Ace Index added 237.38 points to 4,223.54 and the FTSE Bursa Malaysia Mid 70 Index gained 274.66 points to 11,182.96.
The Finance Index increased 172.21 points to 13,736.580, the Plantation Index rose 68.74 points to 7,749.050 and the Industrial Index gained 31.04 points to 2,816.070.
The weekly volume surged to 6.125 billion shares valued at RM8.214bil from 5.1 billion shares valued at RM7.74bil last Friday.
The Main market turnover increased to 5.1 billion shares valued at RM8.02bil from 4.1 billion units valued at RM7.56bil, registered a week earlier.
Volume on the ACE Market rose to 494.12 million worth RM89.7mil from 472.09 million shares worth RM80.81mil, previously.
Warrants, however decreased to 507.01 million units worth RM99.95mil from 532.85 million units, valued at RM92.46mil. - Bernama
Head of Retail Research, Affin Investment Bank, Dr Nazri Khan said the FTSE Bursa Malaysia KLCI (FBM KLCI) will continue trending higher towards the 1,530-1540 points resistance zone as investors react positively to regional news flow.
“Given the fact that the local index stayed above the 1,500 points level, after rising virtually seven straight days, showed that worries over the impact of the disaster in Japan on the rest of Asia has eased,” he told Bernama.
Dr Nazri believed the local market recovery from the March 11 sell-off was completed as the FBM KLCI had reclaimed the price level just before the Japanese tsunami selling started.
Further, the stable Wall Street with the Dow breaking above the 12,000 level and with Nikkei rebounding 16% also suggested that the sentiment had improved.
“We note that the trading session has progressed with selling into strength dwindling and buying into weakness starting to rise in anticipation of more upside from solid first-quarter profits,” Dr Nazri added.
This week, the FBM KLCI finished higher to settle at 1,515.55 compared with last Friday's 1,498.50 as demand bolstered from positive Wall Street and Asian cues as well as corporate news flow.
The FTSE Bursa Malaysia Emas Index increased 145.81 points to 10,416.93, the FTSE Bursa Malaysia Ace Index added 237.38 points to 4,223.54 and the FTSE Bursa Malaysia Mid 70 Index gained 274.66 points to 11,182.96.
The Finance Index increased 172.21 points to 13,736.580, the Plantation Index rose 68.74 points to 7,749.050 and the Industrial Index gained 31.04 points to 2,816.070.
The weekly volume surged to 6.125 billion shares valued at RM8.214bil from 5.1 billion shares valued at RM7.74bil last Friday.
The Main market turnover increased to 5.1 billion shares valued at RM8.02bil from 4.1 billion units valued at RM7.56bil, registered a week earlier.
Volume on the ACE Market rose to 494.12 million worth RM89.7mil from 472.09 million shares worth RM80.81mil, previously.
Warrants, however decreased to 507.01 million units worth RM99.95mil from 532.85 million units, valued at RM92.46mil. - Bernama
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