Bursa Malaysia opened slightly higher but retreated thereafter on continued selling among its heavyweights amid mixed sentiments on the Asian market.
At 9.17am, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased by 2.51 points to 1,399.97 from 1,402.48 at Thursday’s close. The barometer index opened 0.45 of-a-point stronger at 1,402.93.
The broader market saw decliners surpassing advancers 211 to 162, while 232 counters were unchanged, 1,671 untraded and 26 others suspended. Turnover stood at 287.93 million units worth RM186.64 million.
“The latest “lower low” price action affirms that the bears are in control now. As the RSI is pointing lower, expect the negative momentum to follow through in the immediate session, and the index may breaching the 1,400-pt support,” said RHB Retail Research (RHB).
The correction should also continue until the index is able to form a bullish reversal candlestick. Riding on the strong negative momentum, the FKLI may pull back towards the YTD low of 1,382 pts. Since the negative momentum is in play, RHB makes no change to their negative trading bias.
