Malaysian share prices are expected to extend gains in buoyant trade next week following a surge in trading volumes, dealers said Friday. For the week ending April 7, the Kuala Lumpur Stock Exchange composite index rose 17.08 points or 1.8 percent to 943.71.
Average daily volume was 1.46 billion shares worth 1.25 billion ringgit (340 million dollars) compared to 377.14 million shares worth 1.09 billion ringgit in the previous week.
"The surge in trading volume, which exceeded two billion shares on Wednesday and the 930 points resistance-line break-out had raised hopes of better days ahead for the local bourse," Victor Wan, a senior analyst at Mercury Securities said.
The country's five-year development plan, unveiled on March 31, "had some spill-over effect on market sentiment as construction-related stocks held onto gains made earlier," he said. Poultry-related stocks also recovered as fears over the bird flu outbreak subsided in the absence of new cases, he said.
"Hence, most players are looking forward with positive anticipation of further upside," he said. "In coming days, market activity is expected to remain buoyant."
He added that the rising ringgit was also spurring buying activities by foreign funds in anticipation of further strengthening in the medium-term.
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