Malaysian shares seen down next week: Analyst

Source: 24 Jul 2009, 1624 hrs IST, AGENCIES

KUALA LUMPUR: Malaysian share prices are expected to drop next week following recent rallies, an analyst said Friday.


"There have been rallies for the past eight or nine days -- the market is becoming more and more overbought so we are looking at a healthy correction," Stephen Soo, technical analyst with local brokerage TA Securities, told AFP.

"We also expect the blue-chips to consolidate," he added.

Soo said he expected the bourse to trade between 1,165 and 1,188 points next week.

For the week to July 24, the Kuala Lumpur Composite Index gained 34.98 points, or 3.12 percent, to close at 1,155.88.