Friday, July 8, 2011

FBM KLCI Moving Sideways Ahead Of Bersih Rally

Bursa Recap: KLCI ends 1.1 points lower after hitting all time high of 1596
Asian markets were mixed as policy tightening in China and Portugal's credit downgrade dampened investors sentiment.

The local bourses also moderated ahead of the Monetary Policy Committee meeting late evening and cautious mood ahead of the Bersih rally on 9 July.

The FBM KLCI hit a intra-day record of 1,595.9 before closing 1.1 points lower at 1,590.2 as profit-taking started to set in among key blue chips.

Post market closing, BNM decided to keep the OPR at 3% but has raised the SRR from 3% to 4%, effective from 16 July.

FBM KLCI Outlook: Moving sideways ahead of Bersih rally
The overnight strong closing on Dow and the ground breaking event for the MRT project today could lift the market to test higher grounds. However, growing tensions prior to the Bersih rally tomorrow could dampen investor’s sentiment.

Immediate resistance levels are 1600-1610 points whilst key supports are 1578 (10-d SMA) and 1568 (mid Bollinger band).

Daily KLCI Short Term Uptrend Remains Intact As Indexs Stays Above 10-Days SMA
FBM KLCI 08-07-2011

Source: HLeBroking

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