KUALA LUMPUR, Sept 24 — Bursa Malaysia is expected to trade lower next week in the absence of market catalysts, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index set...
KUALA LUMPUR, Sept 24 — Bursa Malaysia is expected to trade lower next week in the absence of market catalysts, with the benchmark FTSE Bursa Malaysia KLCI index set to move between the 1,420 and 1,450 levels.
UOB Kay Hian Wealth Advisors Sdn Bhd head of wealth research and advisor Mohd Sedek Jantan said the upcoming Budget 2023 could serve as a near-term catalyst to enhance the competitiveness of businesses and fortify the nation’s resilience to future shocks.For the week just ended, Malaysian stocks began the week in the red, mirroring losses on global markets as recession fears and concerns about further rate hikes weighed on investor optimism.
On a Friday-to-Thursday basis, the FBM KLCI fell 42.33 points to 1,424.98 from 1,496.53, mainly due to the US rate hike decision, which had generated widespread bearish sentiment on regional markets, diminishing the likelihood of a soft landing for the US economy. Weekly turnover rose to 10.66 billion units worth RM8.32 billion from 10.52 billion units worth RM7.59 billion in the previous week.
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