KUALA LUMPUR, Nov 25 — Bursa Malaysia is projected to continue trading in range-bound mode with an upward bias next week, as investors continue to seek new catalysts amid heightening global market volatility, a dealer said.

Rakuten Trade equity research vice-president Thong Pak Leng said the FTSE Bursa Malaysia KLCI (FBM KLCI) may see an additional upward potential if the key index manages to surpass the 1,465-resistance line.

"As such, we anticipate the FBM KLCI to trend within the 1,445-1,465 range for next week, with immediate support at 1,445 followed by 1,430,” he told Bernama.

Thong noted that global market players will be monitoring the latest developments in China’s real estate market to understand global risk appetite.

"Back home, the market undertone is still cautious due to the increasing global market volatility.

"Nonetheless, the valuation of the FBM KLCI remains attractive, hence it still offers some potential upsides,” he added.

Meanwhile, another dealer noted that investors will be closely monitoring the US gross domestic product (GDP) for the third quarter (3Q) 2023 due to be released in the upcoming mid-week.

Additionally, market players will also shift their attention to the US ISM Manufacturing data and Federal Reserve’s chair Jerome Powell’s speech, tentatively next Friday.

On a Friday-to-Friday basis, the FBM KLCI fell 6.75 points to end the week at 1,453.92 versus 1,460.67 a week ago.

On the index board, the FBM Emas Index shed 31.25 points to 10,768.73, the FBMT 100 Index slid 31.61 points to 10,430.89, and the FBM Emas Shariah Index shaved off 60.73 points to 10,944.01.

The FBM 70 Index slipped 29.66 points to 14,331.74 while the FBM ACE Index rose 33.49 points to 5,205.43.

Sector-wise, the Financial Services Index gained 1.68 points to 16,384.32, the Energy Index was 17.65 points weaker at 834.85, the Plantation Index dipped 75.44 points to 6,931.35, while the Industrial Products and Services Index went up 0.19 of-a-point to 174.11.

Bursa Malaysia ended the week with a higher weekly turnover of 17.06 billion units valued at RM10.28 billion versus 13.78 billion units valued at RM7.93 billion in the preceding week.

The Main Market volume expanded to 11.68 billion shares worth RM8.80 billion against 8.93 billion shares worth RM6.8 billion in the previous week.

Warrants turnover improved to 2.99 billion units valued at RM380.72 million from 2.11 billion units valued at RM291.87 million last week.

The ACE Market volume widened to 3.34 billion shares worth RM1.10 billion compared to 2.71 billion shares worth RM835.79 million previously. — Bernama