KUALA LUMPUR – Bursa Malaysia is expected to trade higher next week with the benchmark FTSE Bursa Malaysia (FBM KLCI) hitting the 1,721 level.

This is largely due external sentiment over US President Donald Trump’s tax reform pledge, which would set a better trend for the local and emerging equity markets, a dealer said.

Trump has promised a major tax reform announcement in a few weeks’ time to ease the burden of businesses in the US.

The dealer said improving oil prices together with the better outlook for commodity prices would also contribute to the rise on the local bourse.

For the week just ended, the trading sessions were shortened with market closed for the Thaipusam holiday on Thursday.

The FBM KLCI finished mixed due to the unclear fiscal policy from the recent US President Donald Trump’s press conference, which has shifted investors’ focus towards emerging markets.

The FBM Emas Index improved 124.87 points to 11,963.43, the FBM Ace surged 143.20 points to 5,246.39, the FBM 70 added 196.96 points to 13,811.70, the FBMT 100 Index rose 112.24 points to 11,643.57, and the FBM Emas Syariah Index edged up 135.96 points to 12,490.40.

On a sectoral basis, the Plantation Index soared 122.64 points to 8,215.29, the Finance Index increased 142.08 points to 14,990.72 and the Industrial Index bagged 31.87 points to 3,237.47.

Weekly turnover expanded to 9.74 billion units worth RM9.27 billion from 4.94 billion units worth RM5.96 billion last Friday.

The main market volume widened to 6.99 billion shares valued at RM6.76 billion from 3.57 billion shares valued at RM5.72 billion last week.

Warrant turnover rose to 867.57 million units worth RM120.69 million from 481.34 million units worth RM58.82 million previously.

The ACE market increased to 1.84 billion shares worth RM377.56 million from 868.06 million shares worth RM175.83 million last Friday. — Bernama