The local stock market ended lower in line with weaker regional markets amid concerns over inflation and contagion from the Greek debt crisis. The KLCI lost 2.14 points to close at 1,562.52, after oscillating between low of 1,560.32 and high of 1,564.3, as losers beat gainers 433 to 263 on slow trade totaling 788.4mn shares worth RM1.34bn.
Given the weak trading momentum, stocks should extend consolidation with blue chips supported by window-dressing ahead of the half-year end closing. Immediate resistance for the index is at 1,566, the 31 May peak, with next significant hurdle from the record high of 1,576.95 of 6 January. Immediate support remains at 1,552, which is the 76.4% Fibonacci Retracement (FR) of the 1,576.95 record high of 6 January to the 1,474 pivot low of 28 February, followed by 1,537, the 61.8%FR and next at 1,525, the 50%FR.
HAPPY TRADING
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