Retail investors have been a net seller in local bourse for four straight week with foreigners have been a net seller for the last three weeks.
Yesterday FBM KLCI registered a rise of 1.08% in line with gains of regional bourses such as Hong Kong’s Hang Seng Index jumped 3.26%, Taiwan’s Taiex rose 2.39% , Japan’s Nikkei 225 up 1.37% , the Shanghai Composite Index gained 1.30% and Singapore’s Straits Times Index edged up 0.84% to 2,874.40.
FBM KLCI were lifted by institutions buying of blue chips that pull the index to almost to 1500 level.
Yesterday, the index close above the 5d MA, the first time since the last 10 days. With the market at overly oversold position there is a sign of immediate strength a at around 1500 level with prices moving along the 5d MA unless bad news emerged from the West.
