The benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) is expected to test the 1,490-point mark next week on buying by Malaysian funds in heavyweights, dealers said.The Kuala Lumpur stock market will see a slow uptrend next week, supported by the continued inflows of private capital with investors putting more money in emerging markets, they said.CIMB Economic Research expects continued capital inflows as the investors would still favour emerging markets given their resilient growth performance and the prospects of higher currency gains."Liquidity continues to rise in the domestic market and there is no need for investors to take out money from the stock market at the moment," it said.The cumulative locked-in excess liquidity by Bank Negara Malaysia remained substantial at RM218.7 billion as at end of September versus RM214.9 billion as at the end of August."The key index, which touched a high of 1,481.45, could march towards 1,490 enroute to 1,500 on healthy rotational plays on core blue chips," said one of the dealers.Another dealer expects finance stocks to be among the top picks of investors next week as these have strong profit growth prospects arising from regional investment and expansion.He said while Budget 2011, which will be tabled on Oct 15, will attract the focus of investors, it has actually been overshadowed by the Economic Transformation Programme (ETP), which excited investors with mega-projects."Investors will be prefer to wait for details of projects under the ETP which will be announced on Oct 26," he said.During the week just ended, the benchmark index touched a record high of 1,481.45 due to continued interest in heavyweights like Axiata, Genting, DiGi and Tenaga Nasional.The index had hit a 30-month high of 1,475.99 on Sept 21, 2010.For the week just ended, the FBM KLCI closed at 1,481.41, up 15.09 points from 1,466.32 last Friday.The FMB Emas Index increased 109.66 points to 9,947.95, the FBM70 advanced 161.11 points to 9,923.35 and the FBM Ace Index rose 69.1 points to 4,020.18.The Finance Index jumped 149.36 points to 13,497.63, the Industrial Index gained 18.9 points to 2,831.17 and the Plantation Index added 108.03 points to 6,920.71.Weekly volume increased to 5.23 billion shares worth RM8.05 billion from 5.066 billion shares valued at RM7.61 billion transacted last week.The Main Market turnover rose to 4.22 billion units worth RM7.83 billion from 3.865 billion units valued at RM7.364 billion previously.However, the ACE market volume declined to 384.84 million shares worth RM87.97 million from 385.316 million shares worth RM62.279 million registered last week.Warrants turnover dropped to 592.1 million worth RM115.48 million from 768.630 million units valued at RM147.856 million transacted previously. -- Bernama
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