Weekly wrap of KLCI:
The FBM KLCI index lost 2.61 points or
0.14% on Friday. The Finance Index fell 0.57% to 17144.77 points, the
Properties Index dropped 0.52% to 1496.97 points and the Plantation
Index rose 0.03% to 8416.7 points. The market traded within a range
of 11.13 points between an intra-day high of 1840.37 and a low of
1829.24 during the session.
The final trading day of the week saw
the KLCI close lower by 1840.50 points. The local bourse remained in
the red for majority of the day, as a sharp overnight drop in Wall
Street and on-going geopolitical tensions in the Middle East, rocked
investor's appetite for risk. Regionally, Asian markets slid, as
investors reacted to the U.S. overnight selloff, rumours of a Russian
draft law that would allow seizure of foreign assets, possible change
of leadership in China's Central Bank and expectations of higher
interest rates from the Fed.
FBM
KLCI WEEK’s Performance
|
|
Open |
1840.01
|
High |
1840.50
|
Low |
1829.24
|
Close |
1840.50
|
Change(Points) |
-8.99
|
% Change |
-0.48%
|
Market Forecast for week ahead:
Market stood at support level 1836.248,
it may rebound next week by taking next support at 1820.
Weekly
Technical view on KLCI
|
|||||
Support 1 |
Support 2
|
Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
1820
|
1805
|
1780
|
1854
|
1878
|
1895
|
Technical indicators:
RSI for this week is 43.83 with CCI at -145.094. Besides, difference line of MACD (0.848) stood below its signal line (6.533).
RSI for this week is 43.83 with CCI at -145.094. Besides, difference line of MACD (0.848) stood below its signal line (6.533).
ECONOMIC FACTORS:
- PROTON Holdings Bhd is making strong headway in its plan to develop and mass-produce an electric vehicle (EV), as highlighted by the pictures and remarks posted by International Trade and Industry Minister Datuk Seri Mustapa Mohamed on his Facebook page on Tuesday.
- Share prices on Bursa Malaysia ended the morning session higher today on continued buying momentum, ahead of the long weekend holiday.
- The offer document for Goldis Bhd takeover of IGB Corp Bhd has been delivered to the IGB Corp directors and despatched to the IGB Corp shareholders.
- Kenanga Research says Tropicana Corp Bhd's disposal of its RM37.6 million Subang Land is part of the group's degearing strategy.
- DRB-Hicom Bhd is in bullish trend as the Proton electric vehicle (EV) development appears on track.
- Malaysia’s crude palm oil (CPO) prices, at their lowest in five years, may have bottomed out and could rebound on better outlook due to the upcoming festivities and biodiesel uptake.
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