Ahead of the debut of the largest mobile operator in Malaysia, MAXIS Berhad today, shares on Bursa Malaysia closed lower on Wednesday as players cash in on earlier gains to buy into MAXIS shares today. FBM KLCI opened with a gap down on Wednesday, continuing the weakness from Tuesday. The benchmark index was trading in the negative territory for most part of the day, and closed almost near the day’s low at 1275.10, down 4.85 points or -0.38%. Market breadth was mixed for much of the day, but ended slightly positive with gainers outpaced losers by 347 to 295, while 282 counters were traded unchanged. Volume fell from 1.04 billion to 945 million shares.
As expected, the KLCI moved lower, as it was signaled by the appearance of a Spinning Top candlestick on Tuesday. The formation of a small black candle yesterday indicates that selling pressure on the key index was not very severe. MACD was positive, but its histogram was down slightly indicating a slowing in momentum. RSI hook down slightly, and Stochastic remain in the bullish zone. The underlying uptrend remains intact as indicated by the short, medium and long term moving averages. If the index continue to slide down today, it may get supported by the 10-days moving average at 1270 level.
Today, the FBM KLCI is expected to trade within the range of 1267 to 1286.
This week's expected range: 1250 – 1299
Today's expected range: 1267 – 1286
Resistance: 1279, 1283, 1286
Support: 1267, 1270, 1273
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