This comes after a strong set of 2022 gross domestic product data was released on Friday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the positive GDP results would boost investor confidence and drive up stock prices as they could lead to stronger corporate earnings and consumer spending.
"Technically, we continue to see 1,500 as the key resistance on the FBM KLCI, while the support is envisaged at 1,460," he said. "Many local traders think this year's China household consumption recovery could be slower than expected, given the scarring effects of property deleveraging and the legacy of three years of COVID-19 controls. Hence, I look for Bursa Malaysia to trade very defensively next week amid more possible ringgit weakness and growing US recession concerns," he said.
Sector-wise, the Plantation Index edged down 40.59 points to 6,886.65, the Energy Index eased 9.74 points to 896.37, the Financial Services Index was down by 201.45 points to 16,1113.37 and the Industrial Products and Services Index eased by 1.60 points to 190.15.
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