Share prices on Bursa Malaysia are expected to see further consolidation next week with the 1,620-1,630 as the immediate downside target.

Affin Investment Bank head of retail research, Dr Nazri Khan, said due to the sharp correction, more investors were expected to cash in and lighten their positions next week ahead of the general election.

"We believe the local sentiments will be fairly muted next week following a mixed global performance and the holiday-shortened session as the bourse was closed for Thaipusam holiday on Thursday.

"Perhaps the holiday will give investors the opportunity to reflect on whether the bourse's sharp correction last week has more down legs," he said.

Nazri said some volatility was expected as the local earnings season would come back into focus next week with strong results from several blue-chips to reverse the recent sharp losses.

Though bargain hunters were expected to return to reverse heavy losses, he said, any buying was likely to be mild and soft.

Meanwhile, on the external front, Nazri said some uncertainty surrounding the looming debt ceiling/budget battle in Washington and disappointing global economic data were expected.

"The market is likely to turn choppy and volatile as traders digested reports that the US congress might not consider a short-term extension of the US debt ceiling next month.

"Given that the global equities had registered solid gains so far this year, any bearish news coming from the US front is likely to trigger significant profit-taking," he said.

On a Friday-to-Friday basis, the FBM KLCI declined 39.31 points to 1,637.13 from 1,676.44 previously.

The Finance Index dipped 441.18 points to 14,884.39 from 15,325.57 last Friday.

The Industrial Index fell 31.95 points to 2,758.77 from 2,790.72 previously.

The Plantation Index decreased 62.93 points to 8,031.29 from 8,094.22 last Friday, and the FBM Emas Index lost 268.54 points to 11,142.09 from 11,410.63.

The FBMT100 Index gave up 261.84 points to 10,990.75 from 11,252.59 last Friday.

The FBM70 Index eased 309.88 points to 12,155.04 from 12,434.92 previously.

The FMB Ace Index fell 155.61 points to 4,121.98 from 4,277.59 last Friday.

Weekly turnover declined to 5.29 billion units worth RM8.18 billion from 6.41 billion units worth RM7.97 billion last week.

The Main market volume fell to 3.92 billion shares valued at RM8.02 billion from 5.026 billion shares valued at RM7.819 billion previously.

The Ace market volume decreased to 859.6 million units worth RM110.9 million from 1.05 billion units worth RM109.776 million last week.

Warrants decreased to 366.59 million shares valued at RM19.64 million from 518.8 million shares valued at RM43.4 million previously.

The market will be closed on Monday in lieu of the Thaipusam public holiday which falls on Jan 27 (Sunday) and resume operations on Tuesday. -- BERNAMA