KLCI Weekly Analysis 07th - 11th Sept

Weekly KLCI Wrap

• The week started bearish with heavy loss with dropping 46.26 points on Tuesday and traded sideways with mixed sentiments throughout the week and made a weekly loss of 23.58 points. 

• On weekly basis KLCI moved within the range of 1660.22 to 1583.63 and ended the week on a negative note, closed lower at 1589.16 points as investors await non-farm report to provide the last major clue on U.S.'s economy before the Federal Reserve next meets. The performance of our local bourse was in tandem with most of our regional peers. 

• The FBM KLCI index lost 13.59 points or 0.85% on Friday. The Finance Index fell 1.19% to 13924.63 points, the Properties Index up 0.09% to 1107.93 points and the Plantation Index down 0.38% to 6813.29 points. The market traded within a range of 14.71 points between an intra-day high of 1602.32 and a low of 1587.61 during the session.

FBM KLCI Week's Performance

Open	1655.47
High	1660.22
Low	1583.63
Close	1589.16
Change (in points)	-23.58
% Change	-1.46%

KLCI Levels

Support 1	1580
Support 2	1500
Support 3	1430
Resistance 1	1660
Resistance 2	1720
Resistance 3	1773

Market Forecast

The KLCI index can trade sideways in coming week as the investors sentiments are still cautious which can bound the market to give some good movement, technically if the market breaks the level of 1580 then it can go further down.

Market Highlights

• Malaysian share prices opened lower in early trade today, tracking their regional peers.

• The FTSE Bursa Malaysia Kuala Lumpur Composite stood at 1,570.32, down 18.84 points, after opening at 1,578.50.

• The ringgit extended its last week's losses to open lower today as more currency investors shifted to the greenback

• Foreign funds continued to sell down their stakes in Malaysian equities in the week ended Sept 4 with net selling at -RM631.5.

• China on Monday lowered its GDP growth figure for last year by 0.1 percentage points to 7.3 percent, official figures showed, as concerns mount over slowing growth in the world’s second-largest economy.

• ​Caring Pharmacy Group Bhd was unaware of reasons behind the spike in its share price over the past few trading days.

•  My E.G. Services Bhd (MyEG) has announced that a consortium of companies, of which it is a part of, has received an appointment letter from the Immigration Department to undertake the registration of illegal foreign workers in the country.

• Malaysian Resources Corporation Bhd (MRCB) and George Kent Bhd fell in early trade today after the companies were appointed as project delivery partner (PDP) for the RM9 billion Light Rail Transit 3 (LRT3) project.

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