WASHINGTON, Aug 31 — US consumer spending increased solidly in July as households bought a range of goods and services, which could further allay financial market fears of a recession, but the strong pace of consumption is unlikely to be sustained…
WASHINGTON, Aug 31 — Trade teams from China and the United States continue to talk and will meet in September, but tariff increases on Chinese goods set to go in place tomorrow will not be delayed, President Donald Trump said yesterday. The US…
KUALA LUMPUR: Bursa Malaysia is expected to rise to the 1,620 level next week on positive US-China trade talks progress and strong fundamentals.
“The positive progress of the trade talks delivered by the two superpowers is likely to boost market sentiment next week,” said Phillip Capital Management senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan told Bernama.
On the fundamental side, he said Malaysia’s economy expanded 4.9% against the prior expansion of 4.5%.
Furthermore, he said the Cabinet’s approval on the implementation of the National Fiberisation and Connectivity Plan over the next five years at the cost of RM21.6 billion is expected to lift the telecommunication counters.
“Telco players are expected to inch higher, especially with Axiata Group Bhd’s proposed merger with Norway’s Telenor ASA is on track and expected to be completed within the estimated time frame,” he said.
Nevertheless, he said despite the strong domestic fundamentals, the local market is expected to ride on global economic health.
“Hence, investors should look for more rounds of global economic numbers before diving into the market,” he added.
The market will be closed on Monday in lieu of Awal Muharram which falls on Sunday. The operations will resume on Tuesday.
On Friday, the local market was closed sharply higher on improved sentiment amid positive US-China trade development.
Over the week, the market started weaker but rebounded in the last two days amid a recovery in the sentiment influenced by the US-China trade development.
On a Friday-to-Friday basis, the FBM KLCI increased 2.81 points to 1,612.14 from 1609.33.
The FBM Emas Index lost 37.65 points to 11,348.5, the FBMT 100 Index eased 28.7 points to 11,190.63 and the FBM Emas Syariah Index declined 12.14 points to 11,912.05.
The FBM 70 fell 235.74 points to 1944.71 and the FBM Ace Index fell 65.43 points to 4,488.2.
Sector-wise, the Financial Services Index contracted 105.31 points to 15,550.02 and the Industrial Products and Services Index inched down 1.89 point to 148.68, while the Plantation Index advanced 47.79 points to 6,889.48.
Weekly turnover increased to 10.48 billion units worth RM9.64 billion compared with 10.32 billion units worth RM7.00 billion.
Main Market volume contracted to 6.49 billion shares valued at RM6.28 billion from 6.95 billion shares worth RM6.28 billion.
Warrants turnover rose to 2.51 billion units worth RM561.85 million from 1.86 billion units worth RM421.67 million.
The ACE Market volume declined to 1.46 billion shares worth RM347.37 million from 1.54 billion shares worth RM297.51 million. — Bernama
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