KLCI closed 15.85 or 1.25% points to settle at 1,285.01 after opening 7.27 points firmer. The gained largely by Finance (+133.16, +1.17% and Plantation (+88.96, 1.49%). On the fkli, the May expired at 1284, while June settle at 1288, 3 points premium against cash. Total volume transacted total 19955 contracts as month end roll over contribute roughly 62% of the volume.
Despite yesterday and last Thursday gains we advise clients more cautious at current juncture. The current jittery in the market likely to continue for a while and is susceptible to negative news. Moreover, we think the basis largely result from short cover in the fkli the past 2 days. Cash gains 37 pts in the last two trading days. We anticipated some selling interest to emerge at the higher level and premium seems attractive. We continue to expect the fkli to be choppy today and increased in volatility.
Players should maintain a sell-into-strength strategy. We not convince on the uptrend unless the new spot month June fkli manage to stay above the 14SMA at 1,303 points level. We maintain our immediate resistance level at 1292-1303 while support at 1270-1260
0 comments:
Post a Comment