KUALA LUMPUR, July 18 ― Bursa Malaysia is expected to straddle at the 1,600-point level with an upside bias next week on mixed external developments, dealers said. AxiCorp chief global market strategist Stephen Innes said the market could continue to grind higher due to optimism on Covid-19...
For the week just ended, the key index FTSE Bursa Malaysia KLCI was supported by positive vaccine developments and rally in healthcare stocks, amid strong buying in glove makers’ stocks. — Picture by Firdaus Latif
On the negative side, Innes said the market would also be digesting the worse-than-expected retail sales data from China. The Brent crude and West Texas Intermediate were both steady at above US$43 and US$40 per barrel respectively yesterday. Looking ahead, the US Federal Reserve is expected to keep rates steady but will continue to signal that rates will remain low for as far as the eye can see which will ultimately support risk sentiment.
Following this, China has vowed to retaliate against the US and will make necessary responses to protect its legitimate interests and impose sanctions on relevant US personnel and entities, further raising worries over the escalating trade war.
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