Malaysia Stock Market To Remain Quiet Next Week

KUALA LUMPUR, June 24 (Bernama) -- The Malaysia stock market (Bursa Malaysia) is expected to remain quiet next week as most traders will be on extended holidays for the Hari Raya festive. Inter-Pacific Securities Head of Research Pong Teng Siew told Bernama that share prices will likely surrender to profit-taking as investors looked to square off their positions ahead of the holiday-shortened trading week. "While we expect sideways short-term profit-taking to continue at the current 1,770-1785 resistance level, eventually the local market should trend slightly upside, but not very much higher following the expectation of an uptrend following the performance of the regional peers. "With the holiday-shortened week the volume will not be inspiring next week," he said. On the domestic front, Pong said the market's performance will also depend on the ringgit's movement against the US dollar, as well as, the movement of global oil prices. “The current downtrend in oil prices is not only due to growing supply, but also slowing demand especially from China following the country’s refining capacity to shut down during the third quarter,” he added. Bursa Malaysia and its derivatives market will be closed on Monday and Tuesday for the Hari Raya Aidilfitri festive. On a week-to-week basis, the FBM KLCI was lower 11.88 points to 1,779.43, FBM Emas Index eased 103.41 points to 12,648.43, the FBMT 100 Index was down 103.07 points to 12,289.40 while the FBM Emas Shariah Index shed 148.09 points to 12,831.02. The FBM 70 plunged 204.99 points to 14,934.78 while the FBM Ace went down 62.95 points to 6,279.45. On a sectoral basis, the Finance Index eased 64.81 points to 16,843.83, the Industrial Index was 10.32 points lower at 3,272.55 and the Plantation Index reduced 86.73 points to 7,930.24. Weekly turnover firmed to 8.37 billion units, worth RM9.82 billion, from 7.99 billion units, worth RM10.25 billion, registered last week. Main market volume inched up to 5.34 billion shares valued at RM9.36 billion from 5.30 billion shares valued at RM9.77 billion, traded the previous week. Warrants volume rose to 982.14 million units, worth RM102.79 million, from last week's 887.28 million units, worth RM98.80 million, last week. The ACE Market turnover expanded to 1.96 billion shares valued at RM328.55 from 1.73 billion shares valued at RM351.10, recorded previously. -- BERNAMA