KUALA LUMPUR, Oct 17 — Share prices on Bursa Malaysia are likely to continue their uptrend next week but gains may be limited due to profit-taking activities, dealers said.
They said that interest would continue to be focused on finance, plantation, and oil and gas stocks as investors remained upbeat on the prospects of these sectors.
“Buying interest next week will also focus on the shares of companies which have specific corporate developments,” one of the dealers said, adding that rotational activities involving lower liners and mid-cap stocks would help the market to gain further.
Another dealer said that investors were waiting for fresh directions ahead of the Budget 2010 announcement on Oct 23 and the corporate reporting season at end of this month.
With a sustained break above the key retracement level of 1,248.34, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) is expected to trade uptrend with the immediate target at 1,270, he said.
During the week just ended, the local market started on a strong footing with sentiment boosted by the strong Wall Street rally.
Persistent buying of heavyweights pushed the FBM KLCI to finish the week at its highest level for this year at 1,256.77.
On a weekly basis, the benchmark index edged up 22.95 points to 1,256.77, the FBM Emas Index rose 180.43 points to 8,459.86, the FBM Top 100 Index increased 171.68 points to 8,242.38, the FBM70 jumped 257.41 points to 8,353.34 and the FBM ACE Index was 185.99 points higher at 4,311.18.
The Finance Index advanced 281.68 points to 10,613.87, the Plantation Index went up 157 points to 6,128.19 and the Industrial Index added 24.02 points to 2,678.85. Turnover for the week rose to 5.353 billion shares worth RM6.183 billion from 3.618 billion shares valued at RM5.918 billion last week.
Main market volume went up to 4.750 billion shares valued at RM6.066 billion from 3.199 billion shares worth RM5.816 billion previously.
The ACE market volume increased to 466.017 million shares valued at RM78.444 million from 265.900 million shares worth RM60.178 million last week.
The volume of call warrants, however, declined to 110.489 million shares worth RM27.935 million from 132.531 million shares valued at RM31.701 million previously. — Bernama
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