MARKET DEVELOPMENT
BURSA MALAYSIA: Share Prices Likely To Consolidate Further Next Week
BURSA MALAYSIA: Share Prices Likely To Consolidate Further Next Week
22/07/2013 (Bernama) - Share prices on Bursa Malaysia are likely to consolidate further next week given the current overbought position which will prompt further profit-taking activities.
The outcome of the two-day G20 Finance Ministers and Central Bank Governors meeting in Moscow, beginning Friday, is expected to weigh on market sentiment.
The meeting is expected to focus on sources of investments into economic growth, taxation transparency, business policy, the International Monetary Fund's reforms and monetary measures to support economies.
RHB Research Institute Technical Analyst Mohammad Ashraf Abu Bakar said the index needed to break the 1,800 points barrier.
"Failing to do so, the local bourse may trade sideways," he added.
Meanwhile, Mercury Securities Head of Research Edmund Tham said the local bourse's movement next week would depend on Wall Street's performance.
The local bourse closed at an all-time high of 1,797.74 points on Friday due to strong buying from retail and institutional investors.
Finance counters continued to push the index into the positive territory while plantation counters were hurt by a decline in the price of crude palm oil.
On a Friday-to-Friday basis, the FBM KLCI ended 12.09 points higher at 1,797.74 against last Friday's 1,785.65 points.
The Finance Index surged 338.6 points to 17,260.75, Industrial Index gained 38.19 points to 3,045.96 but the Plantation Index dropped 100.85 points to 8,417.93.
The FBM Emas Index rose 117.91 points to 12,543.22, the FBMT100 Index jumped 102.65 points to 12,274.78, the FBM Mid 70 Index soared 203.36 points to 14,455.62 and the FBM Ace Index shot up 223.87 points to 4,993.86.
Weekly turnover rose to 7.518 billion shares, valued at RM11.102 billion, from 6.47 billion shares, valued at RM8.74 billion, registered last week.
Main market volume increased to 6.385 billion units worth RM10.823 billion from 5.23 billion units worth RM8.57 billion, recorded previously.
Warrants surged to 361.269 million shares, valued at RM62.869 million, from 122.51 million shares, valued at RM16.84 million, transacted last week.
The ACE market volume fell 760.091 million units, worth RM210.674 million, from last week's 1.11 billion units worth RM151.89 million.
The outcome of the two-day G20 Finance Ministers and Central Bank Governors meeting in Moscow, beginning Friday, is expected to weigh on market sentiment.
The meeting is expected to focus on sources of investments into economic growth, taxation transparency, business policy, the International Monetary Fund's reforms and monetary measures to support economies.
RHB Research Institute Technical Analyst Mohammad Ashraf Abu Bakar said the index needed to break the 1,800 points barrier.
"Failing to do so, the local bourse may trade sideways," he added.
Meanwhile, Mercury Securities Head of Research Edmund Tham said the local bourse's movement next week would depend on Wall Street's performance.
The local bourse closed at an all-time high of 1,797.74 points on Friday due to strong buying from retail and institutional investors.
Finance counters continued to push the index into the positive territory while plantation counters were hurt by a decline in the price of crude palm oil.
On a Friday-to-Friday basis, the FBM KLCI ended 12.09 points higher at 1,797.74 against last Friday's 1,785.65 points.
The Finance Index surged 338.6 points to 17,260.75, Industrial Index gained 38.19 points to 3,045.96 but the Plantation Index dropped 100.85 points to 8,417.93.
The FBM Emas Index rose 117.91 points to 12,543.22, the FBMT100 Index jumped 102.65 points to 12,274.78, the FBM Mid 70 Index soared 203.36 points to 14,455.62 and the FBM Ace Index shot up 223.87 points to 4,993.86.
Weekly turnover rose to 7.518 billion shares, valued at RM11.102 billion, from 6.47 billion shares, valued at RM8.74 billion, registered last week.
Main market volume increased to 6.385 billion units worth RM10.823 billion from 5.23 billion units worth RM8.57 billion, recorded previously.
Warrants surged to 361.269 million shares, valued at RM62.869 million, from 122.51 million shares, valued at RM16.84 million, transacted last week.
The ACE market volume fell 760.091 million units, worth RM210.674 million, from last week's 1.11 billion units worth RM151.89 million.