Market Review for KLCI
The FBM KLCI index lost 3.12 points or 0.18% on Monday. The Finance Index fell 0.33% to 14822.79 points, the Properties Index dropped 0.48% to 1184.74 points and the Plantation Index down 0.14% to 7810.37 points. The market traded within a range of 6.77 points between an intra-day high of 1716.19 and a low of 1709.42 during the session. The KLCI closed lower at 1715.28 points despite last Friday's gains in US markets following a rally in oil prices. Market sentiment was subdued ahead of economic data due this week. This alongwith the bearish sentiments from last weeks closing kept the traders cautious today making them initiate profit covering as soon as targets arrived.
Market forecast for KLCI
The FBMKLCI is expected to trade lower tomorrow in response to an upward trendline that was breached today. The KLCI closed with a hanging man below the trendline which was preceded by a doji.Both signaling an incoming downtrend.These signals in combination with the current turbulence in the global markets might result a short term downtrend.
The FBM KLCI index lost 3.12 points or 0.18% on Monday. The Finance Index fell 0.33% to 14822.79 points, the Properties Index dropped 0.48% to 1184.74 points and the Plantation Index down 0.14% to 7810.37 points. The market traded within a range of 6.77 points between an intra-day high of 1716.19 and a low of 1709.42 during the session. The KLCI closed lower at 1715.28 points despite last Friday's gains in US markets following a rally in oil prices. Market sentiment was subdued ahead of economic data due this week. This alongwith the bearish sentiments from last weeks closing kept the traders cautious today making them initiate profit covering as soon as targets arrived.
Market forecast for KLCI
The FBMKLCI is expected to trade lower tomorrow in response to an upward trendline that was breached today. The KLCI closed with a hanging man below the trendline which was preceded by a doji.Both signaling an incoming downtrend.These signals in combination with the current turbulence in the global markets might result a short term downtrend.
No comments:
Post a Comment