KUALA LUMPUR: Bursa Malaysia is expected to trade sideways next week, with the index's bullish momentum likely dependent on key macroeconomic data from China and the United States (US).
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said investors would closely monitor upcoming data from China, particularly June trade figures and second-quarter gross domestic product (GDP).
"While consensus expects GDP growth to hold at 5.0 per cent, persistent weakness in the property sector could reignite stimulus speculation.
"In the US, June retail sales will be a key indicator of consumer strength and potential implications for the US Federal Reserve's policy path," he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects profit-taking to emerge next week.
"As such, we anticipate the FBM KLCI to move within the 1,530–1,560 range. Sectors likely to remain in favour include banking, telecommunications, property, construction and consumer," he said.
For the week just ended, the benchmark index fell 14.12 points to 1,536.07 from 1,550.19 a week earlier. The FBM Emas Index declined 74.14 points to 11,543.58, the FBMT 100 Index dropped 81.96 points to 11,308.74, and the FBM Emas Shariah Index slipped 65.35 points to 11,552.47.
The FBM 70 Index shed 25.69 points to 16,761.35, while the FBM ACE Index rose 11.77 points to 4,538.17.
By sector, the Financial Services Index slid 183.09 points to 17,608.13, the Plantation Index added 1.71 points to 7,459.45, and the Energy Index eased 3.99 points to 737.62.
Weekly turnover narrowed to 16.21 billion units worth RM11.43 billion from 17.25 billion units valued at RM12.62 billion in the previous week.
Main Market volume fell to 6.99 billion units valued at RM10.02 billion, compared with 9.22 billion units worth RM11.41 billion previously.
Warrant turnover rose to 7.82 billion units worth RM911.38 million from 6.62 billion units worth RM772.30 million a week earlier.
ACE Market volume inched up to 1.41 billion units valued at RM490.78 million versus 1.40 billion units worth RM437.52 million previously.