Outlook for KL bourse still bullish: OSK

Malaysian shares are expected to trade higher with the key market barometer hovering between 1,350 and 1,395 points.

However, dealers said any gains next week would be capped by some profit-taking as investors have become cautious over the global economic outlook after data emerging from the US indicated the recovery was slowing down.

"The local market remains well-supported with rotational play on lower liners. Continued buying in selected heavyweights will help the FBM KLCI to stay above the 1,350 points level," one dealer said.

OSK Research said the FBM KLCI this week had continued its gains after surpassing the psychological level of 1,350 points, something it failed to do in the previous 2009-2010 rally.

"The immediate technical outlook for the FBM KLCI remains bullish. The fact that the key index surpassed the 1,350 points level, after three previous failed attempts during the March-May period, is a very positive technical development," it said.

For the week just-ended, share prices ended mixed with investors taking profits especially in stocks that had a good run.

The FBM KLCI finished 15.24 points better at 1,360.92 from 1,345.68 last Friday.

Ivory Properties Group Bhd made it debut on the main market on Wednesday at RM1.15, for a 15 sen premium over its offer price of RM1. It ended the week at RM1.37 with 70,591 lots traded.

The FBM Emas Index rose 86.20 points to 9,212.77, the FBM70 gained 21.07 points to 9,184.01 but the FBM Ace Index fell 21.24 points to 3,794.77.

The Finance Index surged 144.50 points to 12,331.62, the Plantation Index gained 19.29 points to 6,399.38 while the Industrial Index eased 0.05 of a point to 2,667.67.

Weekly volume rose to 4.347 billion shares, valued at RM6.610 billion, from 4.175 billion shares, worth RM6.527 billion, traded last week.

Volume on the main market, however, declined to 3.904 billion shares, worth RM6.520 billion, compared with 4.237 billion shares, valued at RM6.384 billion last Friday.

The Ace market volume was reduced at 232.406 million shares, valued at RM42.425 million, versus 273.18 million shares, worth RM216.745 million, previously.

Warrants traded, however, rose to 180.365 million shares, worth RM28.372 million, against 176.124 million units, valued at RM29.516 million, registered last week. -- Bernama