FKLI market Outlook 18/02/09
The KLCI closed marginally lower at 895.23, -3.3 pts or -0.37% led by plantation stock (-2.57%) on dampening sentiment on CPO prices amid mix closing note in regional market where STI gained 7pts or +0.48%, Nikkei 225 shed 111.07 pts or -1.45% and HSI added 70 pts or +0.55%.
Meanwhile, the FKLI closed in positive tone at 892, +5.5 pts or 0.62%. The FKLI was well defended at 886 levels; however, a convincing breach of 900 levels is required for the bull to take place. We expect the market to open higher today tracking on positive tone of Nikkei and trade in upward bias. The resistance is pegged at 903 (SMA100) and support is at 885. The FKLI is expected to have more downside at current level due to its inability to hold above 900 in recent rally, investors are advised to be cautious as currently the market is slightly directionless.
HAPPY TRADING & GOODLUCK2ALL
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