Bursa Malaysia set to rebound next week
On a Friday-to-Friday basis, the benchmark FBM KLCI dropped 10.10 points to 1,672.13 from 1,682.23 last Friday. — Picture by Hari Anggara
Nazri said the immediate strong resistance was set at 1,700 points, while immediate support seen at around 1,658 pts, followed by a meaningful 1,600-point support. “So far, the trade war only affects 0.1 per cent to 0.2 per cent from local gross domestic product ,” he said, adding that Malaysia and other countries had loosened their fiscal policy over the past year in an effort to tackle the weak demand on the export trade.
“We see three catalysts for the market that could positively surprise: sharper-than-expected cut in the US interest rates leading to fund inflows back to the region; heightened mergers and acquisitions activity spurring investor focus, particularly in depressed sectors; and GDP upside surprise as infrastructure spending accelerates.
“Also, the FBM KLCI still has two major overhangs ahead of it – a further reduced weighting with the upcoming MSCI rebalancing and the risk of Malaysia falling out of the FTSE World Bond Index in the September review,” it said. The FBM Emas Index declined 67.93 points to 11,781.58, the FBMT 100 Index dropped 72.36 points to 11,631.65 and the FBM Emas Shariah Index slid 77.48 points to 12,132.94.Sector-wise, the Financial Services Index fell 59.95 points to 16.686.61, the Plantation Index contracted 50.64 points to 6,968.90 and the Industrial Products and Services Index inched down 1.40 points to 160.72.
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