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
The FBM KLCI index is expected to trade with bearish sentiments and can take support at 1604 as the investors sentiment can continue to remain negative on the back of the Chines economic slowdown.
Market Highlights
- Bursa Malaysia fell into the red for its fourth consecutive session amid the negative regional market performances. The MACD Histogram has extended another red bar, while the RSI hovers above the 50 level. The immediate resistance is 1,650-1,660 levels. Support is at the 1,560-1,600 levels.
- The ringgit continued its decline in early trade on Friday, testing the 4.38 level per US dollar for the first time since the Asian financial crisis 17 years ago.
- Oil prices rose as much as 1 percent on Thursday, boosted by inventory draws at the U.S. crude futures' delivery hub although gains were capped by tumbling equity prices on Wall Street.
- The government will impose provisional anti-dumping duties of between 5.68% and 52.10% on imports of prepainted, painted or colour coated steel coils (PPCCSC) from China and Vietnam.
- Allianz Life Insurance Malaysia Bhd, which is aiming tohave 10,000 agents by year-end from 8,300 now, remains interested in the takaful business although it is not in talks with any potential acquisition target now.
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