FKLI market outlook 20/02/09The KLCI reversed its trend to settle marginally 4.36 pts higher or +0.49% at 899.59 in line with positive closing note in regional market where Nikkei 225 gained 23.21 pts or +0.31%, HSI added 7.36 pts or +0.06% but STI shed 21 pts or -1.31% on corporate earning continued to disappoint.
Meanwhile, the FKLI started to reverse from red at 11am and rebounded to settle at 895, +3 pts or +0.34%. The discount is at 4 pts against cash market and the volume traded for spot month fall to 4,696 lots from 5,658 lots. We expect market to be lackluster with upside bias ahead of announcement of January CPI this week. RSI remained neutral at 52. Investors may long around 888 and take profit around 896 if the market does not breach the 900 level. The resistance is at 901 (SMA 100) and the support is at 885 (SMA 20).
HAPPY INVESTING
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