KUALA LUMPUR, Jan 7 — Bursa Malaysia is likely to trade sideways with a slightly upward bias within the 1,475-1,495 range next week.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors will remain cautious due to the increasingly global market volatility.

"Technically speaking, we shall see immediate support at around 1,460-1,465 while resistance is at 1,500,” he told Bernama.

The local market was traded mostly lower during the holiday-shortened week amid the ongoing weakness in US markets and uncertainty over the Covid-19 situation in China.

After nearly three years of being largely cut off from the world, the Chinese authorities announced the lifting of several major Covid-19-related entry restrictions that will take effect on January 8, including taking off quarantine requirements for all international arrivals.

On a week-to-week basis, the key index fell 14.94 points to 1,480.55 against 1,495.49 a week earlier.

On the index board, the FBM Emas Index fell 69.22 points to 10,632.33, the FBM Emas Shariah Index trimmed 102.68 points to 10835.87, and the FBMT 100 Index dipped 77.38 points to 10,342.42.

The FBM ACE Index increased 69.57 points to 5,377.90 and the FBM 70 Index rose 19.69 points to 13,034.71.

Sector-wise, the Industrial Products and Services Index inched down 0.11 of-a-point to 181.67 and the Plantation Index slid 194.51 points to 6,890.17.

The Financial Services Index slipped 85.83 points to 16,415.48 and the Energy Index gained 1.40 points to 777.59.

Weekly turnover jumped to 13.32 billion units worth RM6.71 billion against 10.56 billion units worth RM7.70 billion in the previous week.

The Main Market volume surged to 8.06 billion shares valued at RM5.12 billion from 6.51 billion shares valued at RM6.42 billion a week ago.

Warrants volume fell to 1.50 billion units worth RM340.67 million from 2.43 billion units worth RM360.02 million previously.

The ACE Market volume widened to 3.76 billion shares worth RM1.25 billion from 2.82 billion shares worth RM1.05 billion on Friday last week.

Bursa Malaysia was closed on Monday as a replacement holiday for New Year’s Day which fell on Sunday. — Bernama