3-month low for KLCi

The FBM KLCI succumbed to late heavy selling as the index closed at below the 1,685 level, which is around a 3-month low.

KLCI low

“Though we view this as an opportunity to bargain hunt, we prefer to advise investors to remain vigilant as the impact from the yen carry trade could be unfolding, underscored by the hike in Japan’s 10-year yield.

“Thus, for today, we expect the index to hover within the 1,680-1,700 range,” says Rakuten.

Technical View: GREATECH (0208)

Resistance levels are identified at RM2.68 (R1) and RM3.10 (R2). Support levels are pegged at RM2.60 (S1) and RM2.44 (S2).

 Technical Play (HK): LENOVO GROUP LTD (992)

Take profit as the share price has surpassed our target. While a pullback may occur in the short term, accumulate at a lower price as fundamentals remain intact.

Resistance levels are identified at HKD17.50 (R1) and HKD16.00 (R2). Support levels are pegged atHKD20.00 (S1) and HKD22.00 (S2).

#businessnews