KUALA LUMPUR, March 18 — Bursa Malaysia is likely to see cautious trading next week but the attractive valuations of some stocks on the local bourse may attract bargain hunters, said an analyst.
“From a technical point of view, immediate support will be seen at 1,400 followed by 1,370 while resistance is at 1,420,” he told Bernama. However, the FBM KLCI staged a strong rally on Friday, taking the cue from a rebound on Wall Street after major US banks pledged to inject US$30 billion in liquidity to rescue First Republic Bank.
Sector-wise, the Financial Services Index lost 425.27 points to 15,539.71, the Energy Index fell 34.39 points to 822.86, and the Industrial Products and Services Index was 2.88 points lower at 170.05.Weekly turnover jumped to 17.96 billion units worth RM13.30 billion against 14,02 billion units worth RM9.72 billion last Friday.