KLCI fall for 9th straight session down 0.19% at 1248.94. The KLCI rose as high as up 10.14 points in early trade at one stage, backed by bargain hunting activities mainly in key blue chips. Asian markets end higher with Nikkei rising 0.66% or 62.77 points to 9,522.66, Kospi gaining 1.36% or 21.29 points to close at 1,582.12 and the HSI ending 210.95 points higher at 19,196.45. Meanwhile on the fkli, the May contacts gains 12 pts to settle at 1253, 5 points premium against cash and expired next week Monday. Total volume closed to 20,000 contracts largely contributes by the month end roll over activities.
KLCI has series breakdowns since last week. Violation of the 200SMA, and despite the regional market rebounded, the KLCI still close lower reflecting how fragile and bearish the market is. We expect the fkli to open lower and the basis narrow and become discount. Asian stocks at time of writing make a shaky start, as fresh fears over the stability of the euro zone sparked a wave of selling on Wall Street. The immediate technical support outlook for fkli is the1220 pt-level, To the upside resistance, the 200SMA lies at the 1268 pt-level. Bursa Malaysia will be closed tommorrow for Wesak Holiday
US Market
U.S. stocks and the euro pared deep losses to end mostly flat last night as investors had second thoughts that a festering euro zone banking crisis will spread worldwide and strangle a reviving economy. A late-day rally pulled the benchmark S&P 500 into positive territory minutes before the closing bell and wiped out most of the session's losses for the Dow, which closed above the key barrier of 10,000. The Dow closed down 22.82 points, or 0.23%, at 10,043.75. The Nasdaq Composite Index fell 2.60 points, or 0.12%, at 2,210.95
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