FKLI Trading 5th October 2009
As Dow suffered its worst one-day fall in three-months, stocks and commodities around the world dropped and the yen rose on speculation
rising unemployment will dampen the global economic recovery. Similarly, KL index futures reacted negatively and drop start near intraday low of 1198.5, but
managed to claw back above 1200 points psychological mark within the first hour into market open. Tracking the steady performance of underlying cash, the
October contract shed a minor 4 points to finish the day at 1204. For the week, futures lost a sum of 17.5 index points against 1221.5 the previous Friday.
Last Friday, US stocks fell for a fourth day and the dollar slump increasing speculation that Fed Reserve may postpone the withdrawal of monetary stimulus as the
economy struggles to recover. We reckon players will continue to indulge in bottom-fishing accumulation near 1200 index points as the market had managed to
bounce-off that level on couple of occasions. Upside resistance is targeted near 1211 level.
rising unemployment will dampen the global economic recovery. Similarly, KL index futures reacted negatively and drop start near intraday low of 1198.5, but
managed to claw back above 1200 points psychological mark within the first hour into market open. Tracking the steady performance of underlying cash, the
October contract shed a minor 4 points to finish the day at 1204. For the week, futures lost a sum of 17.5 index points against 1221.5 the previous Friday.
Last Friday, US stocks fell for a fourth day and the dollar slump increasing speculation that Fed Reserve may postpone the withdrawal of monetary stimulus as the
economy struggles to recover. We reckon players will continue to indulge in bottom-fishing accumulation near 1200 index points as the market had managed to
bounce-off that level on couple of occasions. Upside resistance is targeted near 1211 level.
posted by nomadhunter at 11:25 PM
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