NST Online Business Times : latest
NST Online Business Times : latest |
| Posted: 11 Jan 2013 07:27 PM PST Share prices on Bursa Malaysia are expected to remain firm next week, driven by stronger-than-expected Chinese trade data and optimism that the global economy is on its way to recovery, dealers said. Affin Investment Bank Vice-President and Head of Retail Research Dr Nazri Khan said with the recent encouraging US economic data, easing Eurozone sovereign debt tensions and expectation of positive fourth-quarter earnings, the regional equity indices including the FBMKLCI, was expected to hit fresh
"The next major resistance is pegged between 1,700 and 1,720 points level while major support stood between 1,670 and 1,660 points," he said. Meanwhile, Nazri said the one-off rally held on Saturday would only have minimal impact on the stock market. "Besides, we have enough catalyst and momentum in the economy now both from an investment and stock market perspective with the FBMKLCI at all time high and on the verge of breaking the 1,700 points psychological barrier. "Ultimately, we believe the dissolution of Parliament and the 13th General Election polling date is more important than the rally as the two factors would ultimately impact market sentiment and business confidence," he added. On the local front, some of the newsflow that will excite the bourse includes AirAsia Bhd which plans to launch an Indian airline, Lingui Development Bhd's proposed privatisation by Samling Group and rumours that Malaysia Airports and YTL Corp are bidding for the 1 billion pound UK Stansted Airport. Meanwhile, on a Friday-to-Friday basis, the FBM KLCI declined 9.88 points to 1,682.70 compared with last Friday's 1,692.58. The Finance Index improved 58.24 points to 15,399.60 but the Industrial Index fell 16.47 points to 2,797.87 and the Plantation Index lost 105.86 points to 8,149.33. The FBM Emas Index decreased 5.02 points to 11,439.30, the FBMT100 slipped 55.85 points to 11,284.80, the FBM 70 Index edged down 14.09 points to 12,425.51 while the FBM ACE Index rose 19.06 points to 4,278.83. Weekly turnover surged to 5.94 billion units, valued at RM7.653 billion, from last week's 4.093 billion shares, worth RM6.02 billion. The Main Market volume improved to 4.487 billion shares, worth RM7.462 billion, from 3.187 billion units, valued at RM5.892 billion, transacted last week. The ACE market volume rose to 1.05 billion shares, worth RM109.776 million, compared with 659.884 million shares, worth RM126.779 million, recorded last week. Warrants were up at 388.452 million shares, valued at RM47.092 million, versus 239.007 million units, valued at RM27 million, recorded previously. -- BERNAMA |
| Ringgit expected to trade higher Posted: 11 Jan 2013 07:20 PM PST The ringgit is expected to trade higher against the US dollar next week, on more signs of a global economic recovery. A dealer said the local unit would likely move towards the 3.000 level next week given the positive trend on the equity market. The ringgit hit 3.0155 per dollar, its strongest since March 12, 2012 on Friday as investors continued to add bullish positions. The unit's underlying sentiment was boosted by positive trade data released for November and the overall interest in Asian currencies.
It appreciated against the Singapore dollar to 2.4639/4657, from 2.4793/4811, previously and increased against the yen to 3.3933/3967 from 3.4514/4563, last week. The local currency was up against the British pound at 4.8758/8805 from 4.8880/8941 previously but fell against the euro to 4.0039/0069 versus last Friday's 3.9634/9682. -- BERNAMA |
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