Malaysian share prices are expected to trade within a narrow range in the coming week, analysts said. SJ Securities research head Cheah King Yoong said the market was likely to "trade range-bound next week," with the benchmark composite index's resistance level seen at 1,356 points and support at 1,322.
Danny Oh, senior analyst at Mercury Securities, said the market was "at another crossroad."
"The pullback last week was an opportunity for the market to ease its overbought position as it had been rising unabated without any noticeable corrections for the past two months," Oh said. "At this point, any consolidation experienced next week presents an opportunity for the market to ease its overbought position and move towards a new direction," he said.
For the trading week ended May 11, the Kuala Lumpur composite index declined 11.95 points or 0.88 percent to 1,351.45. Average daily volume was lower at 1.42 billion shares worth 2.56 billion ringgit (750.73 million dollars) compared to 1.45 billion shares valued at 2.74 billion ringgit a week earlier.