Malaysian share prices are expected to trade lower in the week ahead as the market continues to consolidate, analysts said Friday. Stephen Soo, TA Securities technical analyst, said he expects the local market to remain soft, even though it is now oversold after the week-long consolidation.
Trading volume has been low and does not augur well for the market, he said. Soo pegged the next support level for the benchmark index at 1,334 points and the resistance level at 1,360 points.
"The KLCI will move into base building next week and hopefully, a firmer support level could be formed for investors to enter the market again," he said. For the week ended June 29, the Kuala Lumpur composite index lost 37.19 points or 2.67 percent to 1,391.57.
Average daily volume shrank to 1.25 billion shares worth 2.06 billion ringgit (596.4 million dollars) from 1.53 billion shares worth 2.43 ringgit a week earlier.