Malaysian share prices may see more upside after staging a recovery to close up 1.82 percent in the week to Friday, but gains are unlikely to be significant, analysts said. The market has slipped in the past three weeks and despite signs pointing to more consolidation, it managed to rebound thanks to institutional bargain hunting for low-valued blue chips, said Victor Wan, senior analyst at Mercury Securities.
"The market has also done well to ignore the rising oil price concerns and we expect the gradual recovery to sustain into the present week," he said.
Wan said unless global oil prices retreated, most market participants would remain wary and stay on the sidelines.
"In the interim, the market would try to stay close to the 900 points level as it attempts to build up a base there," he said.
This would benefit Bursa Malaysia, which groups the country's financial, commodity and derivative exchanges, as it debuts on the stock exchange on March 18, he added.
For the week ended March 4, the Kuala Lumpur Composite Index rose 16.12 points to end just above the 900-point psychological barrier at 901.45.
Average daily volume was 471.40 million shares worth 817.77 million ringgit (215.20 million dollars), down from 474.40 million units valued at 970.42 million ringgit during the previous week.
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