Business

Lull ahead for Bursa as CNY beckons

February 02, 2013

A woman shops for decorations ahead of the Chinese Lunar New Year in Kuala Lumpur January 30, 2013. — Reuters picA woman shops for decorations ahead of the Chinese Lunar New Year in Kuala Lumpur January 30, 2013. — Reuters picKUALA LUMPUR, Feb 2 — The FTSE Bursa Malaysia KLCI (FBM KLCI) is likely to be quiet next week as investors retreat to the sidelines ahead of the long weekend in conjunction with Chinese New Year festivities.

However, some dealers said Thursday’s bargain hunting activities could be carried over when the bourse opens on Monday, which could lead to some brisk trading activity.

Inter-Pacific Research Sdn Bhd Head of Research Pong Teng Siew said the immediate resistance level would likely be at 1,655 points and support at 1,600 points.

Speaking to Bernama, he said overall sentiment might be muted due to the US reporting a slower economic growth and easier regional markets.

The world’s largest economy shrank by 0.1 per cent in the fourth quarter of 2012, its first contraction since the recession ended in 2009.

For the week-just ended, the market was traded only on Tuesday, Wednesday and Thursday after being closed on Monday and Friday for the Thaipusam and Federal Territory Day celebration.

The FBM KLCI slid 9.58 points to 1,627.55 on Thursday from 1,637.13 the previous Friday.

The Finance Index dipped 37.97 points to 14,846.42, the Industrial Index fell 15.61 points to 2,743.16, the Plantation Index eased 30.85 points to 8,000.44, and the FBM Emas Index erased 74.51 points to 11,067.58.

The FBMT100 Index gave up 69.49 points to 10,921.26, the FBM70 Index shrank 100.56 points to 12,054.48 and the FMB Ace Index shed 7.17 points to 4,114.81.

Weekly turnover declined to 3.368 billion units, worth RM5.681 billion, from 5.29 billion units, worth RM8.18 billion, registered last week.

The Main market volume fell to 2.617 billion shares, valued at RM5.598 billion, from 3.92 billion shares, valued at RM8.02 billion, recorded previously.

The ACE market volume eased to 616.844 million units, worth RM72.548 million, from last week’s 859.6 million units worth RM110.9 million.

Warrants decreased to 125.712 million shares, valued at RM8.502 million, from 366.59 million shares, valued at RM19.64 million, transacted previously. — Bernama

 

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