Dear all,
Following the plunge of US Market last Friday, FBMKLCI close lower by 20.34 points or 1.22% to close at 1641.62. Final trading sells off in PBB and Tenaga contributed to the fall. Losers edge gainers by 688 to 179while 1033 counters remain unchanged.
Volume was lower at RM1.1739 billion as compared to at RM1.3724 billion.
Our local bourse continues its downtrend after breaking out of the triangle pattern. Today KLCI close below the previous low support of 1657. Next support for our KLCI is 1615. FBMSCAP is trading at price level not seen since 2013 and for FBM70, it is trading at 2017 low.
As for Asia markets, most of them closed in the positive territory with Nikkei closing 0.62% higher and Shanghai closing higher by 0.16%. HangSeng close marginally lowerby just 0.03%.
Asia shares was trading flat because over the weekend, there was not much news around the world. However, global economic growth concerns continue to linger over the market.
With FBMKLCI, FBM70, and FBMSCAP trading below the 50-100-200 moving averages, traders should stay out of KLCI and lower liners stocks. Conservativetraders should remain to stay aside while aggressive traders be selective on stocks to be traded. The stocks to watch for Tuesday are: AIRASIA, TM, UMW, REVENUE. Stock that have triggered sell: GCB.
All the best for a great Tuesday, but be cautious as the overall sentiment of our market is bearish.
