Malaysian shares expected to trade higher

Malaysian share prices are expected to trade higher in the week ahead with technical factors pointing to the key composite index challenging the all-time high level, dealers said on Friday. "The market is likely to remain firm next week with limited downside," said Phua Kwee Hock, technical chartist at SJ Securities.
Beyond that, Phua sees the current upswing extending to 1,408 points, but "there will be resistance as it approaches that target," he said. A dealer from a local brokerage said speculative interest in small-capitalised stocks seen in the week just past will likely continue, as will the interest in construction and property firms.
For the week ended July 6, the Kuala Lumpur composite index gained 19.46 points or 1.44 percent to 1,373.84. Average daily volume declined to 1.19 billion shares worth 2.04 billion ringgit (593.0 million dollars) from 1.25 billion shares worth 2.06 billion ringgit a week earlier.