KUALA LUMPUR, Oct 3 — Bursa Malaysia’s key index is expected to hover within the 1,620-1,650 range next week, with selective accumulation of quality blue-chip stocks likely to emerge on weakness, said an analyst.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the 1,620 area should serve as the immediate support zone, while a recovery above 1,650 could pave the way towards 1,660.
“A stronger move beyond 1,660 would improve the near-term technical picture, although a more sustainable recovery would still require easing bond yields, greater stability in crude oil prices and stronger participation from index heavyweights,” he told Bernama.
For the trading week ended yesterday, profit-taking and selling pressure dominated early trading, while the subsequent sharp sell-off prompted bargain hunting as the market entered oversold conditions.
