By Santhia Panjanadan

KUALA LUMPUR, June 30 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) will most likely trend higher next week as the outcome of the European Leaders Summit is expected to be a favourable impact coupled with encouraging global economic data and local window dressing activities.

"We expect local stocks to continue gaining ground, despite lingering global uncertainties, as the local bourse had a reputation for being a defensive market during volatile times," said Dr Nazri Khan, Affin Investment Vice-President and Head of Retail Research.

He said as the market approached the first week of second half of the year, last minute window dressing was expected to sustain positive sentiment.

Nazri said immediate support level was now pegged at 1,580 and 1,590 levels while immediate resistance was expected at the 1,610 points level.

The listing of Felda Global Ventures Holdings Bhd would continue to stimulate interest, supported by 12 institutional investors, including European and Middle East agri-business giants.

The world's third largest palm oil operator made its maiden debut on Thursday for a 84 sen premium at RM5.39 over its offer price of RM4.55.

The counter closed at RM5.32 on Friday.

Meanwhile, Nazri also noted that rising optimism over the eurozone's debt problems and the outcome of the EU summit have kept growth-sensitive assets trending higher.

On a Friday-to-Friday basis, the benchmark FTSE Bursa Malaysia KLCI achieved an all-time high of 1,611.5 on June 25 before finishing the week 3.92 points lower at 1,599.15.

The Finance Index dropped 3.92 points to 1,599.15, the Industrial Index added 23.83 points to 2,847.47 and the Plantation Index erased 22.57 points to 8,484.06.

The FBM Emas Index lost 39.18 points to 10,917.64, the FBM ACE Index earned 45.10 points to 4,354.7 and the FBM Mid 70 Index fell 128.68 points to 11,919.38.

The weekly volume expanded to 6.163 billion shares, valued at RM8.988 billion, from 4.848 billion shares, worth RM6.437 billion, registered last week.

The main market turnover increased to 4.195 billion shares, worth RM8.717 billion, from 3.369 billion units, worth RM6.229 billion, transacted previously.

Volume on the ACE Market rose to 1.519 billion shares, worth RM198.801 million, from last week's 708.342 million shares valued at RM132.955 million.

Warrants decreased to 433.354 million units, valued at RM63.344 million against 708.324 million units, valued at RM132.955 million, recorded last week.