Local bourse still have legs to trend
The FBM KLCI closed lower following a solid performance on Monday. We believe the local bourse still has legs to trend higher as yesterday’s selling was well absorbed.
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“Although the daily volume traded remained low, we believe market velocity is gathering traction thus anticipate shares traded to improve over time,” says Rakuten.
Local bourse
“For today, we expect the index to trend within the 1,640-1,650 range. As we enter into another earnings season, results reported so far have been quite decent and more can be expected from the Banks and Telcos going forward,” analyst say.
Technical View: EG (8907)
Resistance levels are identified at RM2.34(R1) and RM2.50 (R2). Support levels are pegged at RM1.97 (S1) and RM1.75 (S2