FTSE Bursa Malaysia KLCI Today
Asian indices advanced after a regulator said that China could substantially increase the amount foreigners are allowed to invest in its equity markets. The FBM KLCI ended 1.93 points higher at 1,684.63.
Despite the marginally higher close on Monday, the FBM KLCI formed a black candle "Inside Day" on the daily chart. The candlestick pattern indicates that market sentiment remains cautious and hence any implication of a rebound seems premature at this moment. The short
term indicators are weakening and further profit taking appears likely. We expect the 1,679 support to be tested in coming days, and should this level be violated, the correction could potentiallydeepen to 1,660. Until some form of a reversal candlestick presents itselfon the daily chart, our views would remain biased to the downside.
by Kenanga Research