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FBMKLCI: Long term rejection of globalism or just a blip?

A new cold war in the form of trade and currency war has emerged. They are here to stay and has become a new norm for the global markets.

Markets will adjust to the new norm. Markets need trade certainty but unlikely to see trade deal taking shape before 2020 presidential election.
For local bourse, it is the domestic factors that are keeping investors in the sidelines.

Technically the index gave up the support at 1626 with the MACD line remains in negative territory and below signal line.

Support is at 1600 followed by  1572.

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If KLCI go below 1611.91, selling pressure will continue!

Looking at the chart, index must close above 1646.96 (C) or else there is likely 1614.4 (B) will be tested.

DJ MARKET TALK: Malaysia KLCI +0.3%; 1620-1630 Resistance - Affin

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0243 GMT [Dow Jones] Malaysia's KLCI is up 0.3% at 1612.67 tracking gains in most Asian stock markets with all sectors in positive territory except for plantation stocks. "This week's bullish reversal and a dramatic shift in technical indicators in the last two days may inspire more aggressive buying and upside for KLCI toward the mid-November high of 1630," says Affin IB. The house pegs 1620-1630 as the resistance zone while support remains at 1580-1600. Market breadth is positive at 237 gainers vs 134 losers with 221.1 million shares changing hands. Among the most active benchmark stocks, Maxis (6012.KU) is up 0.2% at MYR6.45, UEM Land (5148.KU) up 1.0% at MYR2.10 and AMMB Holdings (1015.KU) is up 0.3% at MYR6.45.

DJ MARKET TALK: Malaysia Shares Likely In 1600-1617 Band - HwangDBS

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0046 GMT [Dow Jones] Malaysia shares will likely struggle to find more upside after the benchmark KLCI staged a technical rebound Wednesday; "On the chart, we reckon the KLCI will likely run into resistance at the 160-day moving average line which presently hovers at 1617," says HwangDBS. Immediate support is seen at the psychological 1600 mark, the house adds. The KLCI ended up 0.5% at 1606.52 Wednesday. Among stocks in focus, Maxis (6012.KU) may fall after its latest quarterly profits came in below expectation, while Axiata Group (6888.KU) is scheduled to release its quarterly results during the midday break