FBM KLCI declined to below the 1,640 level due to the absence of buyers ahead of the weekend.
Daily volume traded remains low at 3bn shares as many traders were sidelined.
“Nonetheless, we believe buying should resume taking the positive cue from Wall Street coupled with the dovish statement from the Fed. Therefore, we expect the index to hover within the 1,635-1,645 range today,” says Rakuten.
Recent news that AWS (Amazon Web Services) will invest USD6.2bn in Malaysia should add further impetus to the already burgeoning Tech sector as we anticipate the floodgate to remains open.
Resistance levels are identified at RM4.45 (R1) and RM4.60 (R2). Support levels are pegged at RM4.20 (S1) and RM4.05 (S2).
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