Retreating more than 5% over Monday to Wednesday trading, the Shanghai Composite Index was seen erasing all its gains for the year, throttling the outlook on the mainland Chinese market.
Indeed, over the course of the past five trading days the mild optimism seen shoring up the FBM KLCI all but vanished. In the late-afternoon session, it had appeared as though the 1,500-point level might hold but a spate of selling in the closing minute of trade dashed these hopes, giving rise to the possibility of the market retreating to early-November 2020 lows.
Compounding the situation, the Malaysian political situation cast a shroud over the country’s future governance as political wrangling resumed in Parliament. Statistics: The major index ended the week 28.84 points or 1.9% lower over the previous Friday at 1,464.6. Total turnover for the trading week stood at 21.44 billion shares amounting to RM13,2bil compared with 20.89 billion shares worth RM13.06bil in the previous trading week.
However, given that the market closed within striking distance of the 1,500 support-turned-resistance, there is potential for a rebound above the level on Monday as investors pick up on oversold counters.
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