The FBM KLCI ended lower yesterday as regional index finished in mixed tone pending the result from U.S white house to whether raise the debt ceiling or default. Other news to follow.
Stock markets in Tokyo, Hong Kong and Sydney all ended lower Wednesday, as U.S. debt worries maintained their grip on the region’s investors. Japan’s Nikkei Stock Average JP:NIK -0.49% closed the session down 0.5% amid strong levels for the yen, while Australia’s S&P/ASX 200 AU:XJO -0.79% finished with a 0.8% loss after stronger-than-expected consumer inflation data raised the possibility of another interest-rate hike and sent the Australian dollar to a fresh pHong Kong’s Hang Seng Index HK:HSI -0.14% managed to breach positive territory for part of the session, but weakness in shares of export-focused firms dragged the benchmark to a 0.1% loss. Among the region’s winners, the Shanghai Composite index CN:000001 +0.76% ended with a 0.8% gain.
Local stock market is having tough time to sustain its recovery amid concern over possible debt crisis in the U.S market. Investors tend to book their profit earlier when the stock index rose as high as 1,565 level but the selling pressure overcame the market on late afternoon session. It is a waiting game at the moment. If the US politicians produce a plan to raise the debt limit, the outlook will turn bullish. It is likely that the politicians will wait for the rest of the week before agreeing on some sort of plan. Conversely, their failure to do that will turn the outlook bearish for both foreign currencies and stocks. The FBM KLCI retreated about 3.60 points to 1,558.17 level yesterday.
Daily Pivot Point
R2= 1566
R1= 1559
S1= 1547
S2=1542
HAPPY TRADING
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