Inter-Pacific Asset Management Sdn Bhd executive director and fund manager Nazri Khan Adam Khan said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to move between 1,510 and 1,520 next week.

“The local bourse saw strong bargain hunting, which pushed the FBM KLCI up to almost a two-month high last week. I expect foreign buyers will continue (to come into the market) to lift the index. Previously, we had strong buying in energy and technology stocks,” he told Bernama.

“The gains in the key index was mainly due to the investors’ reaction to better-than-expected corporate results, as well as the statement by US Federal Reserve chair Jerome Powell that the interest rate (in US) might slow down,” he said.

Nazri said the US economy is in a technical recession but indicators such as the labour market and consumer spending do not point to this decline.

At yesterday’s close, the FBM KLCI was 0.07% or 1.03 points higher to finish at 1,492.23 from Thursday’s close of 1,491.20.

On a weekly basis, the benchmark index expanded 26.43 points to 1,492.23, from 1,465.80, at the end of the previous week.