Persistent buying by foreign funds on Bursa

The FBM KLCI closed on a weekly high supported by persistent buying from foreign funds.

“We believe the strengthening ringgit may also play a crucial role in attracting inflow of foreign funds thus expect the index to trend within the 1,620-1,635 range today,” says Rakuten.

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Foreign funds

It is pivotal that the index breaks the 1,630 marks decisively to resume it uptrend going forward. As for crude palm oil, prices have declined to almost the year’s low circa. RM3,700/tonne amidst the stronger ringgit.

Technical View: CIMB (1023)

  • Resistance levels are identified at RM8.06(R1) and RM8.50 (R2). Support levels are pegged at RM7.25 (S1) and RM6.99 (S2).

 

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