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Share prices on Bursa Malaysia likely to trade lower this week
by hlk Mon 07 May 2012, 08:28
KUALA LUMPUR: SHARE prices on Bursa Malaysia are likely to trade lower this week, given the mixed asset classes performance and as traders remain cautious ahead of many possible headline risks, analysts said.
The key bearish factors include a lack of local catalysts, an absence of global monetary stimulus as well as rising political uncertainties in France, Greece and the Netherlands.
Spain is also slipping into recession, with weak manufacturing and job data coming from the US, alongside continuing speculation on when Malaysia's 13th general election will be held, an analyst said.
Affin Investment Bank Head of Retail Research, Dr Nazri Khan said traders would continue to take cue from the weak global stock's performance.
Some data which could set the tone for this week are Germany's Industrial Production and Factory Order, US Oil Inventories and Trade Balance, the UK's Interest Rate Statement and Japan's Current Account.
Technically, Nazri said the downside penetration of the FTSE Bursa Malaysia KLCI (FBM KLCI) to close below the psychological support of 1,600, would open up possibilities towards the April and March support low of near 1,565 and 1,560.
“We expect immediate hurdles at the 1,590 and 1,600 levels, as the resistance for the local benchmark,” he added.
He said traders should accumulate defensive stocks such as telcos, healthcare and consumer stocks, including TM, Maxis, KPJ, Aeon, Bonia and Old Town.
For the week just ended, the market saw a technical rebound, but the breadth did not improve with weekly losers still edging gainers on moderate average daily trade totalling 1.4 billion shares worth RM1.5bil.
The market was closed last Tuesday for the Labour Day celebration.
On a Friday-to-Friday basis, the FBM KLCI jumped 23.24 points to 1,591.04 from 1,567.80 previous Friday, with Ariantec Global becoming the most active stock.
Total weekly volume decreased to 4.904 billion shares worth RM5.62bil from the 7.309 billion shares valued at RM7.520bil previous week.
Main Market turnover dwindled to 3.007 billion shares worth RM5.318bil from the 4.006 billion shares valued at RM6.87bil previously.
Volume on the ACE market fell to 1.06 billion shares valued at RM191.5mil from the 2.743 billion shares worth RM511.128mil, and warrants improved to 824.428 million shares valued at RM101.294mil from 493.851 million units worth RM107.724mil previously. Bernama
The key bearish factors include a lack of local catalysts, an absence of global monetary stimulus as well as rising political uncertainties in France, Greece and the Netherlands.
Spain is also slipping into recession, with weak manufacturing and job data coming from the US, alongside continuing speculation on when Malaysia's 13th general election will be held, an analyst said.
Affin Investment Bank Head of Retail Research, Dr Nazri Khan said traders would continue to take cue from the weak global stock's performance.
Some data which could set the tone for this week are Germany's Industrial Production and Factory Order, US Oil Inventories and Trade Balance, the UK's Interest Rate Statement and Japan's Current Account.
Technically, Nazri said the downside penetration of the FTSE Bursa Malaysia KLCI (FBM KLCI) to close below the psychological support of 1,600, would open up possibilities towards the April and March support low of near 1,565 and 1,560.
“We expect immediate hurdles at the 1,590 and 1,600 levels, as the resistance for the local benchmark,” he added.
He said traders should accumulate defensive stocks such as telcos, healthcare and consumer stocks, including TM, Maxis, KPJ, Aeon, Bonia and Old Town.
For the week just ended, the market saw a technical rebound, but the breadth did not improve with weekly losers still edging gainers on moderate average daily trade totalling 1.4 billion shares worth RM1.5bil.
The market was closed last Tuesday for the Labour Day celebration.
On a Friday-to-Friday basis, the FBM KLCI jumped 23.24 points to 1,591.04 from 1,567.80 previous Friday, with Ariantec Global becoming the most active stock.
Total weekly volume decreased to 4.904 billion shares worth RM5.62bil from the 7.309 billion shares valued at RM7.520bil previous week.
Main Market turnover dwindled to 3.007 billion shares worth RM5.318bil from the 4.006 billion shares valued at RM6.87bil previously.
Volume on the ACE market fell to 1.06 billion shares valued at RM191.5mil from the 2.743 billion shares worth RM511.128mil, and warrants improved to 824.428 million shares valued at RM101.294mil from 493.851 million units worth RM107.724mil previously. Bernama
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