Bursa likely to trend sideways this week

Kuala Lumpur: Bursa Malaysia is likely to trend sideways this week with the benchmark index continuing to be confined within the 1,700 points and 1,740 points range, says Affin Hwang Investment Bank Vice-President and Head of Retail Research Datuk Dr Nazri Khan. "Given the deep price correction over the last six weeks, the FTSE Bursa Malaysia KLCI (FBMKLCI) should be more attractive for long-term investors," he said.

Nazri said it was timely now for traders to consider bottom-fishing stocks, especially the bashed down big caps from FBMKLCI, which were trading near their respective 52-week low.

He also said that the ringgit, which hovered around the 3.80 level, welcomed investors to buy Malaysian assets.

Prime Minister Datuk Seri Najib Tun Razak on Wednesday announced a Cabinet reshuffle to ensure a smooth administration and national development.

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Sabah revenue hits RM6.97 billion: Hajiji says GRS State Government may see full term

Kota Kinabalu: The Sabah Government continued its momentum in managing the economy in line with the commitment and spirit of the Sabah Maju Jaya (SMJ) when it posted record high state revenue of RM6.973 billion last year.

"Minister of International Trade and Industry Datuk Seri Mustapa Mohamed, who maintained his portfolio, said Malaysia will not sign the Trans-Pacific Partnership Agreement.

"This signals that the Bumiputera agenda will be safeguarded against unfair foreign competition," Nazri added.

On a weekly basis, the benchmark FTSE Bursa Malaysia KLCI finished at 1,723.14, up 2.38 points, on a technical rebound following bargain hunting activities.

The FBM Emas Index edged up 1.97 points to 11,894.13, the FBMT100 Index added 10.2 points to 11,569.42, the FBM 70 eased 10.31 points to 12,849.48 and the FBM Ace depreciated 284.32 points to 6,272.38.

Sector-wise, the Finance Index decreased 78.8 points to 15,469.56, the plantation Index slid 12.19 points to 7,412.02 while the Industrial Index rose 54.39 points to 3,236.91.

Weekly turnover rose to 9.01 billion units, worth RM9.36 billion, from last week's 8.35 billion units worth RM7.93 billion.

Main market volume expanded to 5.84 billion units, valued at RM8.53 billion, against 5.34 billion shares valued at RM7.07 billion recorded last week.

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Warrant turnover widened to 1.38 billion units, worth RM430.39 million, versus 1.17 billion units worth RM372.53 million previously.

ACE market volume fell to 1.78 billion shares, worth RM393.28 million, from last week's 1.81 billion shares worth RM389.9 million. – Bernama

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