ZAIDI ISHAM ISMAIL
KUALA LUMPUR: Bursa Malaysia is heading for a quiet week ahead due to the Hari Raya holidays and absence of company news as most corporate activities take a breather.
A trader said the stock market is expected to be flat for most of next week as it will only be open for three days, with most investors reluctant to take position.
The stock market will be closed on Monday and Tuesday and resume trading on Wednesday.
“I expect the market to trade sideways next week, but it could strengthen due to the strong property market in the first half of the year.
“This strong momentum could be sustained into the second half of the year and spill over to the construction stocks,” said the trader.
Meanwhile, AmInvestment Services Bhd director of retail funds Ng Chze How said it will be a lacklustre week but could be boosted by corporate earnings season after Hari Raya.
“The market will be quiet but it may perk up after the holidays, depending on the corporate results,” he said.
The FTSE Bursa Malaysia KLCI (FBM KLCI) rose marginally higher by 0.29 point, or 0.02 per cent, to settle at 1,877.34 points on last-minute buying yesterday.
In its research note, JF Apex Securities Bhd said sentiment was muted as investors were reluctant to take position ahead of the long weekend.
Actively-traded stocks include Scomi, Sumatec, MAS and Hubline.
Trading volume decreased to 1.7 billion shares worth RM1.6 billion from Thursday’s two billion shares worth RM1.9 billion.