Monday October 1, 2012

M'sian stocks likely to trend higher this week

KUALA LUMPUR: THE FTSE Bursa Malaysia KLCI (FBM KLCI) will likely trend higher this week, supported by the business friendly Budget 2013 and external factors.

Affin Investment Bank Bhd Vice-President and Head of Retail Research Dr Nazri Khan said support for the FBM KLCI would be between the 1,600 to 1,620 levels, with resistance at 1,650.

The Budget 2013, announced by Prime Minister Datuk Seri Najib Tun Razak in Parliament on Friday, reiterated the government's commitment to reducing the deficit level to four per cent of the gross domestic product (GDP), while economic growth has been projected to expand between 4.5% to 5.5%. An allocation of RM3bil to implement Entry Point Projects was also announced.

For the week just ended, the FBM KLCI finished 12.96 points higher at 1,636.66 on Friday compared to 1,623.70 previously.

The Finance Index declined 63.57 points to 14,539.05 from 14,602.62 and the Industrial Index eased 9.09 points to 2,803.62 from 2,812.71, while the Plantation Index slipped 1.20 points to 8,278.08 from 8,279.28.

The FBM Emas Index gained 57.89 points to 11,106.56 from 11,048.67 last Friday and the FBM Mid 70 Index fell 55.13 points to 11,927 from 11,982.13.

The FBM ACE Index decreased 23.80 points to 4,304.68 from 4,328.48 previously.

The weekly volume in turnover increased to 4.431 billion shares worth RM7.457bil from the 3.85 billion units valued at RM6.99bil.

The main market volume increased to 3.315 billion shares worth RM7.299bil from 2.73 billion units worth RM6.84bil previously.

Volume on the ACE market decreased to 802.925 million shares worth RM131.453mil from 911.53 million units worth RM130.84mil. Warrants turnover increased to 286.354 million units worth RM21.496mil from 192.527 million units worth RM16.913mil. - Bernama

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Monday October 1, 2012

M'sian stocks likely to trend higher this week