KLCI Week 49 Summary

Over the last 5 trading days (1-Dec to 5-Dec), the main KLCI index has slipped 3.93% or 71.52 points to 1749.37.

Sector-wise, none of the sectors record an increase in its indices. Construction, Ind-Prod, and Finance are top 3 sectors that were badly hit with decline of almost 5% week by week. Individual stock basis, Maybank has entered into bearish territory with the price gone down to 15 months low of RM 8.89. CIMB bank which has quite a similar fate as Maybank has gone down from RM7.22 recorded on 9-Sept into just RM5.50 last Friday. Both banks were hit by challenging operating conditions in Indonesia.

 

Indices Prev Close Change %
CONSTRUCTN 301.97 286.05 -15.92 -5.27
CONSUMER 584.59 561.15 -23.44 -4.01
FINANCE 16,275.66 15,569.79 -705.87 -4.34
IND-PROD 134.56 127.82 -6.74 -5.01
INDUSTRIAL 3,331.68 3,188.86 -142.82 -4.29
MINING 543.08 534.98 -8.1 -1.49
PLANTATION 8,333.51 8,032.02 -301.49 -3.62
PROPERTIES 1,398.69 1,340.89 -57.8 -4.13
TECHNOLOGY 17.8 17.04 -0.76 -4.27
TRAD/SERV 237.96 230.21 -7.75 -3.26
KLCI 1820.89 1749.37 -71.52 -3.93

 

KLCI has extended its losses and it is likely to test the next support of 1740 and subsequently 1700. Market is lake of catalyst to move the index higher amid weak Ringgit, and declining oil price.  Unless the index hold well above 1765 level, it is unlikely to switch into bullish momentum yet. Next resistance is 1765 followed by 1800 level.

 

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