KLCI Technical Analysis - 23 Sept, 2015

Market Review for KLCI

The FTSE Bursa Malaysia Kuala Lumpur Composite index lost 4.10 points or 0.25% on Tuesday. The Finance Index fell 0.45% to 14189.02 points, the Properties Index up 0.24% to 1158.54 points and the Plantation Index down 0.15% to 6994.46 points. The market traded within a range of 13.17 points.

The KLCI closed down at 1635.37 points more than one-week low as Southeast Asian stock markets mostly fell. Market sentiment remained bearish after ringgit continues to slide and as crude oil prices dropped.

Market Forecast for KLCI

The FBM KLCI index is expected to trade sideways as the investors sentiments can remain cautious after the FED officials comment on the interest rate hike, however if market finds fresh leads in coming session then it may give a positive movement

 

Market Highlights

• Bursa Malaysia opened lower today on weaker demand as trading sentiment remained cautious ahead of the release of China's Caixin purchasing managers' index (PMI) for September today.

• The FTSE Bursa Malaysia Kuala Lumpur Composite fell by 16.9 points to 1,618.47 after opening 8.51 points easier at 1,626.86.

• 1Malaysia Development Bhd has expressed disappointment with Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz who apparently singled out the strategic development company for the ringgit's weakness.

• Foreign selling of Malaysian equities continued for the second day Tuesday with net selling at –RM185.5mil while the market was supported by local funds with local retailers nibbling.

• Iris Corp Bhd expects to see better performance for its financial year ending March 31, 2016 , mainly driven by its trusted identification division, housing project in Papua New Guinea and waste to energy incinerator plant in Phuket, Thailand.

• JAKS Resources Bhd has secured US$1.402 billion (RM5.82 billion) in financing to partly fund the construction of a coal-fired thermal power plant project (IPP project) in Hai Duong province, Vietnam.

• Eco World Development Group Bhd has proposed to buy 2,198.4 acres of leasehold land in Ijok, Kuala Selangor for RM1.181bil.