Bursa expected to continue downside

Kuala Lumpur: Bursa Malaysia is expected to continue its downside this week, dampened by the investors' wait-and-see attitude, profit-taking and caution ahead of the outcome of the US and China trade talks.M&A Securities Sdn Bhd Chief Dealing Officer R. Sundararajah said the local bourse, wherein the key index is expected to hover around the 1,680-point level, would see moderate bargain hunting, especially in consumers products and services counters.

"On external developments, if there are positive news from the trade talks between the US and China which will take place next (this) week in Argentina, we can see a rebound trend.

"But at the moment, we expect local sentiment to be cautiously volatile, with alternating up and down index swings as investors are expected to square down their positions ahead of the year-end," he told Bernama.

For the week just ended, Bursa Malaysia was traded mostly higher on bargain hunting activities.

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The local stock market was mainly influenced by the performances of Wall Street and regional markets, as well as the crude oil prices.

On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) settled 10.5 points lower at 1,695.88.

The FBM Emas Index fell 89.17 points to 11,778.89, the FBMT100 Index decreased 87.74 points to 11,629.61 and the FBM Emas Shariah Index eased 119.98 points to 11,835.82.

The FBM 70 climbed 114.75 points to 13,873.95 and the FBM Ace was 4.93 points lower at 4,940.19.

Sector-wise, the Finance Index rose 12.92 points to 17,314.59, the Industrial Products and Services Index edged down 1.55 points to 172.46 while the Plantation Index was 74.49 points weaker at 7,182.15.

Comparing Friday-to-Friday, weekly turnover shrank to 6.96 billion units worth RM6.04 billion from 8.08 billion units worth RM7.62 billion.

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Main Market volume dwindled to 4.34 billion shares worth RM5.41 billion versus 5.06 billion shares worth RM6.81 billion last Friday.

Warrants turnover declined to 1.48 billion units valued at RM371.96 million from 1.56 billion units valued at RM398.12 million previously. – Bernama

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