Market Review for KLCI
The FBM KLCI index lost 17.17 points or 1.04% on Monday. The Finance Index increased 0.18% to 14511 points, the Properties Index up 0.06% to 1166.3 points and the Plantation Index down 0.79% to 7491.44 points. The market traded within a range of 19.42 points between a high of 1651.61 and a low of 1632.19 during the day. The KLCI halted its winning streak last Friday and closed lower at 1632.19 points despite overnight gains in US markets.The day saw a higher opening followed by the market entering into a bearish phase.
Market forecast for KLCI
The FBM KLCI closed lower into the bearish region with the low for the day also being the closing level. Any move above the 1647 level would definitely face friction due to profit covering bringing it down, whereas any move below the Immediate support of 1632 might be met with further bearishness. At the moment, the prolonged bearishness has got the traders in a bargain hunting mode, with profit covering leading to bearishness everytime the bulls attempt a run.
The FBM KLCI index lost 17.17 points or 1.04% on Monday. The Finance Index increased 0.18% to 14511 points, the Properties Index up 0.06% to 1166.3 points and the Plantation Index down 0.79% to 7491.44 points. The market traded within a range of 19.42 points between a high of 1651.61 and a low of 1632.19 during the day. The KLCI halted its winning streak last Friday and closed lower at 1632.19 points despite overnight gains in US markets.The day saw a higher opening followed by the market entering into a bearish phase.
Market forecast for KLCI
The FBM KLCI closed lower into the bearish region with the low for the day also being the closing level. Any move above the 1647 level would definitely face friction due to profit covering bringing it down, whereas any move below the Immediate support of 1632 might be met with further bearishness. At the moment, the prolonged bearishness has got the traders in a bargain hunting mode, with profit covering leading to bearishness everytime the bulls attempt a run.
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