FBM KLCI extended its losses n Friday in line with weaker regional market on concern over the economic situation in Europe. Cash market fell by 18.43 pts or 1.4% to close at 1285.73 off its low at 1280.63. Week on week the KLCI down 53 pts or 4%. Meanwhile on the FKLI, May drop 17pts to settle at 1286.5 while Jun dwindle 18.5 pts to settle at 1284. Total volume transacted higher to 14,686 contracts, largely contribute by the end months roll over activities.
For this week we anticipated the market will be dominate by roll over activities. The May contracts will expire in 4 days as this Friday Bursa Malaysia closed for Wesak Holiday. Technically, the market is grossly oversold and the market may stage a technical rebound. Nevertheless but we do not expect a strong rebound as concern and anxiety over Europe will have negative impact on the market. Immediate resistance peg at 300 and 1310 while immediate support lowers to 1277 and 1260.
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