A statement by House of Representatives speaker Nancy Pelosi that a stimulus deal must be finalised by tomorrow has helped to ease market jitters that were worsened by the surging Covid-19 cases in Europe and most US states.This compares with the 26.6 points decline last week witnessed by the 30-stock index on a week-on-week basis.
The brokerage said the FBM KLCI’s near term outlook has turned negative, unless it stages a swift retake above the 50-day simple moving average resistance level near 1,530 points. According to Kenanga Research senior analyst Goh Yin Foo, the FBM KLCI faces a downward bias, pointing out that there is a dearth of fresh catalysts for the stock market.
Meanwhile, TA Securities Research said the FBM KLCI was bogged down by renewed bearish momentum flashed by technical indicators.
Klang Valley 40pc of GDP🧐🧐
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