Malaysia Stock Market : KLCI Signals and Technical Analysis 16th Dec

Market Review for KLCI:
Share prices on Bursa Malaysia ended lower today on selling pressure, sparked by the continuous fall in oil prices, reduced demand and slower global growth. West Texas Intermediate fell below US$55 a barrel while Brent crude oil dropped to below US$60 per barrel.

The share prices retreated as investors remained on the sidelines following news that the US Federal Reserve will start its two-day monetary policy review today.

KLCI Day Performance
Open	1688.74	% Change	-1.38%
High	1693.91	Volume	1638.1M
Low	1673.94	Rise	296
Close	1673.94	Fall	572
Change(Points)	-23.37	Unch	1706

Market forecast for KLCI:
Market may remain bearish till 1660.

KLCI LEVELS
Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
1740	1720	1700	1790	1808	1802

Technical indicators:RSI stood below the center line at 23.725 with its CCI at -159.791. Difference line of MACD performed at -30.607 below its signal line which performed at -21.171.

Top Gainers			Top Losers
Scrip Name	CMP	%change	Scrip Name	CMP	%change
PCHEM	4.76	1.49	IOICORP	4.36	-6.03
MAXIS	6.57	1.08	RHBCAP	7.08	-4.97
YTL	1.58	0.64	MAYBANK	8.29	-3.6
AMBANK	6.2	0.16	GENM	3.96	-3.41
HLBANK	13.92	-0.43	BAT	64.76	-2.94

Economic Factors:

• The ringgit opened flat against the US dollar on lack of catalysts. Remained unchanged at yesterday’s 3.4950/4980. It was traded mixed against other major currencies.
• Bursa Malaysia was hit hard by foreign selling yesterday amid global growth woes, with its 30-stock benchmark index dipping below the key psychological level of 1,700 points.
• Short-term interbank rates are expected to remain stable today on Bank Negara Malaysia’s intervention to absorb excess liquidity from the financial system.
• Gold futures contract on Bursa Malaysia Derivatives was lower in early trading session with five contract months traded.
• The FTSE Bursa Malaysia KLCI futures (FKLI) contract on Bursa Malaysia Derivatives opened lower today with three contract months traded.
• Brent crude oil hit a fresh five-year low close to US$60 a barrel yesterday after producer group OPEC restated its determination not to cut output despite a global fuel glut, but the North Sea benchmark later rallied to above US$62.
• Gold futures contracts on Bursa Malaysia Derivatives closed lower yesterday impacted by the weakening of the ringgit against the US dollar.
• The Malaysian rubber market closed higher yesterday due to the weakening ringgit coupled with uptrend in the regional futures market.
• Crude palm oil (CPO) futures prices ended lower yesterday on the back of negative sentiment in the crude oil market.