Barefoot Investor: FBM KLCI further slips

As I observe the market indices track on my monitor, FBM KLCI down 4.70 points to 1,491.25. weighed by losses including at Public Bank, Maybank, Genting and Petronas Chemicals.

Losers edged gainers by 413 to 190, with a total volume shares: 469,595,100.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note Nov 30 said the January and May 2010 downturn periods in the global markets also affected Malaysia, adding that there could be another similar downward period emerging for the world markets.

Due to the lower US markets last night, the FBM KLCI could be in an initially softer mode today, with selling activities that may see late selective local buying activities to maintain the FBM30index mainly, he said

Lee said the FBM KLCI had broken above the previous 1,524.69 all-time 2008 high to create another new peak at 1,531.99 on Nov 10, and that a correction low may have been formed next at 1,474.02 on Nov 29.

“Global market trends may have turned volatile, but some confidence appears to have returned to the local bourse since last Wednesday and yesterday.

“The local market is still unstable with poor breadth. As such, intraday trade if the market dips but sell on strength at (or near) close,” he said.

QSR was the top loser at mid-morning and fell 58 sen to RM5.68, while its parent Kulim lost 30 sen to RM11.78 and KFCH lost eight sen to RM3.86 after the rejection of the takeover offers for QSR.


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