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.
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