FBM KLCI - likely to consolidate with a downward bias

Stocks on Bursa Malaysia closed lower last Wednesday on the lack of buying momentum ahead of an extended Hari Raya Aidilfitri holiday, dampened by weak regional tone as two more United States Federal Reserve (Fed) officials hinted on potential for reduction in stimulus this year, sparked by stronger-than-expected US economic data. Bursa Malaysia was closed for the Wednesday afternoon session through last Friday. The FBM KLCI fell 5.32 points or 0.3% to end at 1,779.32 after moving between 1,776.99 and 1,784.76 throughout the trading session. On a Friday-to-Wednesday basis, the key index lost 3.19 points from previous Friday's 1,782.51. Market breadth was positive with gainers led losers by 344 to 269, and 309 counters were unchanged. Total half day volume eased to 981.03 million shares worth RM1.05 billion from the 1.28 billion shares valued at RM1.64 billion on Tuesday. Average daily traded volume and value decreased to 1.28 billion shares and RM1.42 billion, compared with 1.59 billion shares and RM2.17 billion the previous week. ... Read more>>