KUALA LUMPUR, May 2 — Bursa Malaysia is expected to continue its bullish momentum next week backed by the economic reboot after the country has been under the movement control order since March 18. An analyst said that the market, which had seen a strong rebound after more than 40 days of...
An analyst said that the market, which had seen a strong rebound after more than 40 days of volatile trading due to weak business sentiment, is now witnessing a positive improvement. — Picture by Firdaus Latif
“As the main key index had surpassed the 1,400 benchmark; the next resistance level is located at 1,430 with the support at 1,380,” she said. For the broader market, she said that industries and consumers have recorded impressive gains over the week while the oil index has shown a strong recovery as oil prices rise.
As for the global market, she said that the US Federal Open Market Committee meeting had come to the conclusion that the current interest rate of nearly zero is expected to remain for a year as unemployment continues to plague the market due to Covid-19. However, it rebounded on Wednesday with an encouraging performance and closed on Thursday at a record week-high of 27.48 points at 1,407.78.On a Friday-to-Friday basis, key index FTSE Bursa Malaysia KLCI rose 37.93 points, erasing last week’s losses to close at 1,407.78.
Sector-wise, the Financial Services Index increased 218.85 points to 12,472.91, the Industrial Products and Services Index gained 4.76 points to 120.44 and the Plantation Index added 2127.55. points to 6,133.47.
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