KUALA LUMPUR, Feb 8 — Bursa Malaysia will likely see range-bound trading next week as investors remained cautious over global uncertainties including the 2019 novel coronavirus (2019-nCoV) impact and the release of economic data. Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam...
File photo of the trading hall of Bursa Malaysia. — Picture by Hari Anggara
He was referring to the US Automatic Data Processing Employment which stood at 291,000 in January and Institute for Supply Management Index for the manufacturing sector which rose to slightly more than 50 points in January, and the 2019-nCoV which is expected to have material effect on China’s economy in the short term.
Starting next week, China will cut 10 per cent tariffs on some US goods to five per cent, while other goods that have faced 5.0 per cent levies will be cut to 2.5 per cent. The reduction affects US goods that China had imposed tariffs in September last year. “As such, the equities market should trade range-bound next week, probably at between 1,540 and 1,550 points, as the market awaits further details and developments,” Mohd Afzanizam told Bernama.
The FBM ACE Index jumped 144.56 points to 5,521.78, the FBM Emas Shariah Index surged 213.51 points to 11,766.21 and the FBM 70 soared 173.18 points to 13,824.68.
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