KUALA LUMPUR, May 18 — Bursa Malaysia’s bullish momentum is anticipated to drive the barometer index towards the next resistance level of 1,620 next week, and a breakthrough...
During the week, Bursa Malaysia was mostly higher except for Wednesday as investors took a cautious stand as they awaited the US consumer price index data. ― Picture by Hari AnggaraKUALA LUMPUR, May 18 — Bursa Malaysia’s bullish momentum is anticipated to drive the barometer index towards the next resistance level of 1,620 next week, and a breakthrough above this level could signal further upward movement.
In addition to supportive domestic economic readings, sentiment in the equity market was also supported by optimism about interest rate cuts in the United States this year and a slew of economic measures announced by the Chinese authorities.Nevertheless, he reckoned the market will continue to closely monitor the US jobless claims report, new home sales, as well as S&P Global Flash US and Eurozone manufacturing and services Purchasing Managers’ Indices for next week’s direction.
He said gradual improvements were also seen in manufacturing since last October despite Malaysia’s PMI remaining below 50. On the index board, the FBM Emas Index jumped 221.50 points to 12,308.18, the FBM 70 Index soared 680.69 points to 17,641.06, and the FBMT 100 Index surged 208.84 points to 11,906.01.
For the week just ended, turnover advanced to 28.69 billion units worth RM19.76 billion against 24.57 billion units worth RM16.89 billion in the preceding week.
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