BURSA MALAYSIA: Likely To Be Steadier Next Week

October 10, 2009 14:08 PM

BURSA MALAYSIA: Likely To Be Steadier Next Week

By: Ramjit

-->

KUALA LUMPUR, Oct 10 (Bernama) -- Share prices on Bursa Malaysia are expected to be steadier next week with intermittent profit-taking after the strong gains in the past week, analysts said.

They said local investors may re-enter once new catalysts emerged.

A dealer said shares of companies which had specific corporate developments could attract investor' interest.

He said Proton Holdings Bhd was likely to be in the limelight next week following its talks with India's Hero Group to build small passenger cars for the Indian market.

An analyst said investors were also waiting for fresh directions, ahead of the Budget 2010 announcement on Oct 23, and corporate reporting season at the end of this month.

On technical outlook, the analyst maintained bullish bias towards the near-term market.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) ended the week at new year high.

Strong sentiment sent the FBM KLCI to end Friday at 1,233.82, up 27.57 points from Friday last week.

The analyst said foreign funds were believed to have helped push the local bourse to new high as a weaker US dollar shifted overseas funds to Asia.

On daily basis, broader market was mostly traded mixed.

On weekly basis, the FBM Emas Index added 184.18 points to 8,279.43, the FBM Top 100 Index rose 176.02 points to 8,070.70, the FBM70 perked 159.38 points to 8,095.93 and the FBM ACE Index ended the week 29.86 point higher at 4,125.19.

The Finance Index rose 398.54 to 10,332.19, the Plantation Index increased 76.16 points to 5,971.19 and the Industrial Index was 27.23 points higher at 2,654.83.

Turnover for the week rose to 3.618 billion shares worth RM5.918 billion from 2.883 billion shares worth RM4.072 billion last week.

Main market volume improved to 3.199 billion units valued at RM5.816 billion from 2.513 billion units valued at RM3.981 billion previously.

The ACE market volume added to 265.900 million shares worth RM60.178 million from 230.070 million shares worth RM47.963 million last week.

Call warrants volume appreciated to 132.531 million units valued at RM31.701 million from 99.329 million units valued at RM23.583 million previously.

-- BERNAMA

We provide (subscription-based)  news coverage in our Newswire service.