FBM KLCI correction phase may extend

klse-blog-small Snapping a five-week winning streak, the bellwether FTSE Bursa Malaysia KLCI (FBM KLCI) settled at 1,296.60 last Friday for a weekly loss of 14.6-point or 1.1%.
In the short run, the correction phase may extend on persisting selling pressures from profit-taking momentum.

On the downside, we have set the first support line at  1,280, a mark down of 4.1% below the benchmark index’s Mar 11 peak of 1,334.34.However, we still believe that the ongoing stock market weakness could be just transitory before our Malaysian bourse resumes its uptrend to scale fresh highs going forward.

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