Malaysian shares likely to trade higher

Malaysian share prices are expected to trade higher next week on expectations the government will announce major projects to boost the economy, dealers said Friday. Phua Kwee Hock, technical chartist at SJ Securities, said the impending official announcement of the Northern Growth Corridor project would ensure that the market has an upside bias going forward.
The 20-year project - which covers the northern peninsular states of Perlis, Kedah, Penang and part of Perak - will focus on agriculture, manufacturing and services.
"We expect the market to extend its gains next week, with the key index moving between 1,392 and 1,370 points," Phua said.
For the week to July 20, the Kuala Lumpur composite index slipped 2.36 points or 0.17 percent to 1,382.36. Average daily volume declined to 1.31 billion shares worth 2.13 billion ringgit (624.6 million dollars) from 1.415 billion shares worth 2.40 billion ringgit the previous week.