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,Rakuten Trade Sdn Bhd head of research Kenny Yee (pic) expects the FBM KLCI to remain stuck in consolidation mode this week following a mini rally in late August.

KUALA LUMPUR: Bursa Malaysia is expected to continue consolidating and trade in cautious mode next week as investors weigh the resurgence of new Covid-19 cases and its impact on the economy and companies’ earnings.

Bank Islam chief economist Mohd Afzanizam Abdul Rashid said the FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to hover in a tight range between 1,575 to 1,585 this week.

“Despite that, it is quite heartening to note that there have been net purchases from foreign funds of late.

“Attractive valuations and perhaps the unveiling of the 12th Malaysian Plan on Sept 27 as well as Budget 2022 in October would motivate foreign investors to come to Malaysia,” he told Bernama.Bank Islam chief economist Mohd Afzanizam Abdul Rashid said the FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to hover in a tight range between 1,575 to 1,585 this week.

Rakuten Trade Sdn Bhd head of research Kenny Yee expects the FBM KLCI to remain stuck in consolidation mode this week following a mini rally in late August.

“We reckon that the uncertainty and heightened volatility on Wall Street should see overall sentiment in regional markets as well as the local bourse to be more cautious,” he said.

He noted that Bank Negara’s decision to maintain the overnight policy rate at 1.75% recently was seen as a precursor for a rate hike going forward, and coupled with the regional volatility, this would have an impact on the local bourse.

Rakuten vice-president of equity research Thong Pak Leng is of the view that with valuations of Malaysian stocks still considerably cheap compared to regional markets, foreign funds would be drawn in, hence expect to see some bargain hunting this week.

“We advise investors to look into recovery themes such as tourism, gaming, and consumer as they have retraced recently from the jump due to market weakness, hence any pullback could be an accumulation opportunity.

“We see banks to remain a safe bet for long-term play,” he said.

On a Friday-to-Friday basis, the benchmark index eased 13.22 points to end the week at 1,575.97 from 1,589.19 previously.

During the trading week, weekly turnover increased to 23.66 billion units valued at RM14.69bil, from 17.65 billion units valued at RM12.71bil in the preceding week.

The Main Market volume widened to 15.31 billion shares worth RM12.89bil from last week’s 12.24 billion shares worth RM11.38bil.

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