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Malaysian shares likely to consolidate next week
by Cals Mon 27 Jan 2014, 02:09
Published: Saturday January 25, 2014 MYT 12:45:00 PM
Updated: Saturday January 25, 2014 MYT 12:47:18 PM
Malaysian shares likely to consolidate next week
KUALA LUMPUR: Share prices on Bursa Malaysia are likely to consolidate further next week with external factors influencing the direction of the market, said an analyst.
Affin Investment Bank Vice President and Head of Retail Research Dr Nazri Khansaid the local market would dip further, dampened by emerging market currency roil and weaker ringgit as well as thin holiday session next week.
Sentiment would also be hampered by negative reading of the United States and Chinese manufacturing data suggesting a temporary cool down in the world's largest and second-largest economies.
However, Nazri remained optimistic that the downturn would be a short-term correction and the market would keep climbing "the wall of worry" as it did in the past, given the impending 2014 Economic Transformation Programme investment cycle, expected positive local corporate results and massive liquidity.
"Barring any FBMKLCI close at below 1,750, we view any weakness as an opportunity to re-enter cheaper as both fundamentals and technical uptrend line remain sound and intact," he told Bernama.
On the US quantitative easing concern, Nazri said it should be looked from a positive perspective as the US Federal Reserve's announcement of its first reduction and China's rising interbank rate were actual signals of stronger economies which would eventually push the local market higher.
Near-term resistance is pegged at between the 1,820 and 1,830 levels, he added. Bursa Malaysia will be closed for two days on Jan 31 and Feb 3 for the Chinese New Year and Federal Territory Day public holidays.
The FBM Emas Index lost 79.38 points to 12,468.36, the FBMT100 Index fell 70.49 points to 12,181.28, the FBM Ace was 94.53 points lower at 5,937.51 and the FBM 70 slid 79.79 points to 13,826.37.
Weekly turnover appreciated to 8.096 billion shares worth RM9.838 billion from the 6.13 billion shares valued at RM6.62 billion recorded last week.
Main market volume rose to 6.41 billion shares valued at RM9.40 billion from 4.71 billion shares worth RM6.23 billion registered previously.
Warrants turnover fell to 173.00 million units worth RM18.50 million from 620.63 million units valued at RM14.58 million.
The ACE market volume eased to 1.438 billion shares valued at RM389.40 million from 1.25 billion shares worth RM363.10 million. - BERNAMA
Updated: Saturday January 25, 2014 MYT 12:47:18 PM
Malaysian shares likely to consolidate next week
KUALA LUMPUR: Share prices on Bursa Malaysia are likely to consolidate further next week with external factors influencing the direction of the market, said an analyst.
Affin Investment Bank Vice President and Head of Retail Research Dr Nazri Khansaid the local market would dip further, dampened by emerging market currency roil and weaker ringgit as well as thin holiday session next week.
Sentiment would also be hampered by negative reading of the United States and Chinese manufacturing data suggesting a temporary cool down in the world's largest and second-largest economies.
However, Nazri remained optimistic that the downturn would be a short-term correction and the market would keep climbing "the wall of worry" as it did in the past, given the impending 2014 Economic Transformation Programme investment cycle, expected positive local corporate results and massive liquidity.
"Barring any FBMKLCI close at below 1,750, we view any weakness as an opportunity to re-enter cheaper as both fundamentals and technical uptrend line remain sound and intact," he told Bernama.
On the US quantitative easing concern, Nazri said it should be looked from a positive perspective as the US Federal Reserve's announcement of its first reduction and China's rising interbank rate were actual signals of stronger economies which would eventually push the local market higher.
Near-term resistance is pegged at between the 1,820 and 1,830 levels, he added. Bursa Malaysia will be closed for two days on Jan 31 and Feb 3 for the Chinese New Year and Federal Territory Day public holidays.
The FBM Emas Index lost 79.38 points to 12,468.36, the FBMT100 Index fell 70.49 points to 12,181.28, the FBM Ace was 94.53 points lower at 5,937.51 and the FBM 70 slid 79.79 points to 13,826.37.
Weekly turnover appreciated to 8.096 billion shares worth RM9.838 billion from the 6.13 billion shares valued at RM6.62 billion recorded last week.
Main market volume rose to 6.41 billion shares valued at RM9.40 billion from 4.71 billion shares worth RM6.23 billion registered previously.
Warrants turnover fell to 173.00 million units worth RM18.50 million from 620.63 million units valued at RM14.58 million.
The ACE market volume eased to 1.438 billion shares valued at RM389.40 million from 1.25 billion shares worth RM363.10 million. - BERNAMA
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