Bursa set for upward bias trading this week

KUALA LUMPUR: Bursa Malaysia is expected to trade with an upward bias as investors continue to assess external geopolitical developments and resilient domestic economic conditions, says an analyst.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Malaysia’s stable interest rate environment, resilient domestic demand and ongoing infrastructure spending should continue to provide support for investor sentiment.

“Although geopolitical developments and higher oil prices may keep volatility elevated, bargain hunting is likely to emerge on market weakness.

“As such, we expect the FBM KLCI to consolidate with an upward bias and move within the 1,720 to 1,750 range this week,” he told Bernama.

On a Friday-to-Friday basis, the FBM KLCI rose 10.85 points to 1,735.75 from 1,724.90 a week earlier.