BIMB Research sees KLCI continuing to consolidate

  • Business
  • Tuesday, 27 Oct 2015

KUALA LUMPUR:  BIMB Securities Research expects the FBM KLCI to extend its consolidation on Tuesday with strong support at the 1,700 level.

It said the KLCI lost 4.14 points or 0.24% to 1,706.79 on profit takings, mainly on telco and energy counters on Monday.

Trading participation saw net selling by local institutions at –RM113.4mil and retail at –RM9.7mil while foreign institutions were net buyers at RM123.1mil.

Overnight, Wall Street also ended lower as renewed weakness in energy shares following a drop in oil prices and investors took a cautious stance ahead of the start of a Federal Reserve policy meeting.

The DJIA fell 0.13% to end at 17,623.05 and the S&P500 was down 0.19% at 2,071.18.

In Asia, key indices ended mostly higher after Chinese authorities unleashed their latest round of easing measures.  European equities ended lower yesterday mainly due to lower than expected corporate earnings.

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