The FBM KLCI closed on a flat note as the market is still trying to even after the recent wild gyrations. Though daily volume traded has weakened to around the 4bn shares level, we see this as positive, noting that selling may be easing.
Despite the upturn on Wall Street, we expect sentiment on the local bourse to remain cautious ahead of the weekend,hence anticipate the index to hover within the 1,590-1,600 range today.
Technical View: RCECAP (9296)
Resistance levels are identified atRM3.38 (R1) and RM3.7 (R2). Support levels are pegged at RM3.00 (S1) and RM2.81 (S2).
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