KUALA LUMPUR, April 9 — Bursa Malaysia is expected to trend slightly higher next week, hovering within the 1,600-1,620 range, said an analyst.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid opined that Bursa Malaysia’s key index would be moving in a tight range next week. “Typically, the inversion of yield curve would be associated with economic recession given the predictive power it has historically. This could be the reason that the FBM KLCI was having difficulties piercing the psychological level of 1,600 points,” he said.
“In that sense, the external environment remains choppy and will continue to affect local sentiment. As such, the FBM KLCI should gravitate around 1,600 points next week,” he added. Meanwhile, the FBM ACE jumped 175.60 points to 5,861.48 and the FBM 70 rose 131.0 points to 14,003.85. Weekly turnover grew to 16.94 billion units valued at RM11.29 billion from 14.45 billion units valued at RM10.56 billion last week.
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