Bursa Malaysia set to hit 1600 stage subsequent week as a result of rising commodity costs

KUALA LUMPUR, April 4 (Bernama): The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is prone to break by means of the 1600 stage this week according to broader optimism from america financial system (US ) and the anticipated rebound in commodity costs, says an analyst.

Axi’s chief world markets strategist Stephen Innes, nevertheless, mentioned the important thing index would seemingly be weighed down by shares of gloves, as a result of enhancing world vaccination charges that would scale back demand for medical objects. resembling gloves.

“Glove makers are leaving a destructive mark this week, whereas different sectors are anticipated to enhance, resembling banks in addition to oil and fuel shares,” he informed Bernama in an e mail interview. .

Glove shares have been crushed on Wednesday, after U.S. Customs and Border Safety ordered its workers in any respect U.S. ports of entry to start out seizing disposable gloves produced in Malaysia by Prime Glove Corp.

In the meantime, Financial institution Islam Malaysia Bhd economist Adam Mohamed Rahim mentioned the FBM KLCI is predicted to commerce in a slim vary of 1590 to 1600 factors, however may break by means of the 1600 level stage if there’s constructive developments on the vaccine, which has come below intense scrutiny. Europe.

“Now, the drivers of subsequent week’s beneficial properties may come from sectors linked to financial development resembling industrial manufacturing, monetary companies and oil and fuel,” he added.

The power index ended the week 1.94 factors increased at 937.12 as Brent jumped 3.38% to US $ 64.86 a barrel, after the Group of the Exporting Nations of Oil and its allies add greater than two million barrels a day to world oil provides between Could and July.

The transfer will restore 1 / 4 of the inventory of crude oil after the oil cartel and its allies made a deep lower a yr in the past because of the COVID-19 pandemic.

On a Friday to Friday foundation, the benchmark FBM KLCI misplaced 16.07 factors to 1585.35 from 1601.42 final Friday.

On the scoreboard, the FBM Emas index fell 35.19 factors to 11,743.10, the FBMT 100 index slipped 50.62 factors to 11,393.36 and the FBM Emas Shariah index fell by 72.31 factors at 13,005.85.

The FBM 70 firmed 178.86 factors to fifteen,729.32 and the FBM ACE Index edged 727.99 factors to 9,789.12.

Sector-wise, the expertise index added 4.16 factors to 87.35, the commercial services index added 2.61 factors to 194.02, the plantation index fell 54 , 91 factors to 7,045.54 and the well being care index fell 78.87 factors to 2,937.70.

The monetary companies index fell 23.73 factors to fifteen,276.56 and the power index fell 13.87 factors to 937.12.

Turnover elevated to 35.38 billion models price RM18.02 billion, from 27.58 billion models price RM14.63 billion the earlier week.

The principle market quantity jumped to 23.28 billion shares price RM14.77 billion, from 16.44 billion shares price RM11.42 billion final week.

The amount of warrants elevated to three.51 billion models price RM374.24 million, from 828.19 million models price RM 176.07 million.

ACE market quantity improved to 10.75 billion shares valued at RM 3.03 billion, from 10.05 billion shares valued at RM 3.03 billion within the week earlier. Bernama


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