Malaysian share prices are expected to go through a consolidation phase next week but this may present buying opportunities for investors, analysts said Friday.
Victor Wan, a senior analyst with Mercury Securities said the market, with its weeklong bullish streak, saw a mild correction on Friday as investors locked in their gains in construction stocks. However, he said that the outlook was still positive, and investors would cash in on stocks perceived to benefit from the government's pump-priming activities for the economy, especially in the construction sector.
"Construction-related stocks featured prominently due to rising expectations over the (national development) Ninth Malaysian Plan that promises to boost order books and ultimately earnings," Wan said.
"The market may be in for further consolidation ... as the medium-term outlook is still positive, any market weakness should be viewed as bargain opportunities," he said.
Wan said the Chinese New Year festival, which starts in mid-February also provided an added drive to the market's upward trend.
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