Bursa Sentiment Likely To Be Positive
KUALA LUMPUR, Nov 9 – BURSA Malaysia is expected to consolidate this week, riding on lower unemployment figures in the United States, the upcoming Umno general assembly and better performance on the spot market. Traders said the overall market sentiment is positive ahead of the Umno assembly from November 25-29, as well as fuelled by a fresh wave of bullishness in global equity markets.
AffinHwang Investment Bank vice-president and head of retail research Datuk Dr Nazri Khan Adam Khan said last Friday the US non-farm payroll data had confirmed that the US unemployment rate was at its lowest level in years following the creation of 250,000 jobs. Bursa is expected to trend higher this week on back of stronger US economic growth, recovery in the eurozone and introduction of new stimulus measures in Japan.
Nazri also said the benchmark FTSE Bursa Malaysia KLCI is headed towards the 2,000-point level by year-end. Meanwhile, Maybank Investment Research said in its research note that the market is likely to trade between 1,800 and 1,858 points as investors may trade on the ‘sell-on-rally’ basis. The index closed 7.79 points lower to 1,824.19 last Friday from 1,855.15 two weeks ago. Stocks to watch out for this week include those from the plantation sector, which had received a boost from the recent palm oil conference and B7 biodiesel mandate, companies with links to Umno and Tenaga Nasional Bhd.
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