FBM KLCI - likely to extend correction

Stocks on Bursa Malaysia closed broadly lower last Friday on profit-taking despite hitting new highs, twice in early morning trade, and for the second consecutive day last week. The FBM KLCI hit a new high of 1712.83 at 9.02am and nine minutes later it touched an all-time peak of 1,716.47. The market was unable to sustain the buying momentum on profit-taking and the market was in a overbought situation. The FBM KLCI closed the day at 1,698.53 points, down 8.51 points or 0.50% from Thursday's close of 1,707.04 points. Week-on-week, the benchmark index gained 9.88 points from 1,688.65 on previous Friday. Decliners outpaced gainers by 476 to 243, with 293 counters unchanged. Turnover slipped to 1.091 billion shares worth RM1.724 billion from Thursday's 1.119 billion shares worth RM2.049 billion. Weekly turnover advanced to 5.535 billion shares worth RM9.124 billion from previous week’s 4.917 billion shares worth RM9.769 billion. ...Read more>>