The market is extremely lacking in positive news to take leads from, says an analyst
"Immediate meaningful support is only seen at 865, with 850 providing a stronger buffer," the securities firm said last Friday.
However, another analyst said the announcement of a second stimulus package, depending on which sectors are given priorities, could help spur the market.
Last Thursday, Deputy Prime Minister Datuk Seri Najib Razak said Malaysia will revise upwards its 4.8 per cent projected budget deficit for this year after the announcement of a second stimulus package.
However, Najib, who is also the Finance Minister, was tight-lipped on when the government would announce the second package.
On a Friday-to-Friday basis, the KLCI closed the week at 884.45, up 11.76 points from the previous week's 872.69.
The FBMEmas was 66.2 points higher at 5,793.99, the FBM30 added 75.22 points to 5,709.63, the FBM2BRD went up 11.06 points to 3,938.62 and the FBM-MDQ advanced 5.76 points to 3,367.44. - Bernama
SHARE prices on Bursa Malaysia are likely to be trapped in tight rangebound trade this week amid the lack of impetus locally and abroad, especially after Friday's sharp decline on Wall Street, analysts said.
In addition, this week will see only four trading days as the market is closed today in replacement for yesterday's Federal Territories Day holiday.
"The market is extremely lacking in positive news to take leads from but as usual there could be some select buying here and there. However, the overall market is expected to remain largely bearish," one of the analysts said.
TA Securities in its research note said the market's resistance will be from 885 and then 900 acting as stronger hurdle given the absence of positive leads.
However, another analyst said the announcement of a second stimulus package, depending on which sectors are given priorities, could help spur the market.
Last Thursday, Deputy Prime Minister Datuk Seri Najib Razak said Malaysia will revise upwards its 4.8 per cent projected budget deficit for this year after the announcement of a second stimulus package.
However, Najib, who is also the Finance Minister, was tight-lipped on when the government would announce the second package.
On a Friday-to-Friday basis, the KLCI closed the week at 884.45, up 11.76 points from the previous week's 872.69.
The FBMEmas was 66.2 points higher at 5,793.99, the FBM30 added 75.22 points to 5,709.63, the FBM2BRD went up 11.06 points to 3,938.62 and the FBM-MDQ advanced 5.76 points to 3,367.44. - Bernama
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