FBM KLCI - likely to consolidate with an upward bias

Stocks on Bursa Malaysia ended marginally higher last Friday as the local bourse rebounded on the back of an improved risk appetite and in tandem with the upbeat overnight performance of Wall Street, which embraced a bullish tone as the Federal Reserve conveyed a bias towards delaying rates hike, but with some flexibility on economic conditions. The benchmark FBM KLCI rebounded 0.34 point or 0.02% towards the end of trading to 1,821.21, after moving between 1,811.74 and 1,825.65. On a weekly basis, the FBM KLCI rose 13.34 points from 1,807.87 on previous Wednesday. Losers outpaced gainers by 484 to 367 with 302 counters unchanged. Total volume rose to 2.2 billion shares worth RM2.7 billion from 1.9 billion shares worth RM2 billion on Thursday. Weekly turnover increased to 10.45 billion units, worth RM10.62 billion, from 4.62 billion units, worth RM4.50 billion, recorded on the previous holiday-shortened week.