Although overnight US market dropped more than triple digit, we are not expecting our market to experience the same sharp drop, in fact, we may even manage to secure some points to finish in positive territory after our GDP recorded a double digit growth for the first quarter, better than expected. However, the only concern is whether the Sime’s scandal will give some impact to the index, we will closely monitor for today.
Furthermore, the 5 points of discount to cash will also give the support to the FKLI. Our positive bias towards the market is remained but the index will still trap in the tight trading band of 1320 – 1350 level. Investors can fully utilize this opportunity to take either side position for short term trading. The support is seen at 1338 – 1335 levels and the resistance is seen at 1345 – 1348 levels.
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