KUALA LUMPUR, Sept 23 ― Bursa Malaysia is likely to trend lower next week amid cautious market sentiment as investors are concerned about the bearish economic outlook, an analyst said.
He said investors are worried that interest rates would stay higher for longer to combat persistent inflation as the US Federal Reserve stressed its commitment to keeping rates high. Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said he expected the market undertone to remain steady thanks to the continuous inflow of foreign funds.“Technical point of view, we spot the immediate support at 1,445 while resistance at 1,460,” he said.
On the index board, the FBM Emas Index slipped 24.27 points to 10,746.90, the FBMT 100 Index was 36.60 points weaker at 10,408.19, the FBM Emas Shariah Index slid 3.52 points to 11,007.83 and the FBM ACE Index inched down 0.44 of a point to 5,209.06.Sector-wise, the Plantation Index slumped 109.99 points to 6,927.22 and the Financial Services Index reduced by 109.60 points to 16,220.63 while the Energy Index advanced 13.06 points to 906.92 and the Industrial Products Services Index edged up 0.
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