ZLBT Chats

Thursday, March 26, 2009

FKLI And Other Indices Wrap UP 26 Mar 2009

Most Asian market closed in negative territory after a pullback in overnight Dow Jones where STI eased 15 pts or -0.93%, HSI lost 288 pts or -2.07%, Nikkei plunged 8 pts or -0.1%. KLCI rebounded from the low of 871 at eleventh hour to settle marginally 0.89 pts higher at 878.81. Trading turnover stood at 363M worth 672M.
Meanwhile, FKLI was trading in range-bound throughout the day and last hour pushed up earned 8 pts to settle near day high at 884.5 with 5.7 pts premium against cash. Turnover reduced to 7030 lots with open interest stood at 20,541 contracts. On technical side, the RSI stood at 56 while Bollinger band maintain its width. Uptrend momentum remains weak given lack of catalyst in the market. We recommend to sell on high at 890 levels, FKLI will be well supported around 880-890 before the end of UMNO election. We expect after the election and any reverse in US Dow Jones rebound will spur a slide. Immediate support at 871.5 while resistance at 890.

Overseas News Highlight:Dow Jones gained by 89.84 points to 7749.81 yesterday, after government reported a 3.4 percent increase in demand for longer lasting products and resulted JPMorgan Chase and Bank of America to gain. Market sentiment starts to become better as seeing US economy is stabilizing. However as companies earnings estimates are still gloomy, Dow Jones is yet to go through its worst.

No comments:

Post a Comment