Buying opportunity as market hits eight-year low

Market rebounds: This week, along with regional markets, the FBM KLCI has recovered some ground. For the week ending yesterday, the FBM KLCI gained 32 points to 1,554.49, recouping some of the 67 points it lost since the beginning of the year.

FOLLOWING two weeks of selloff of equities sparked by the coronavirus outbreak, the breach in support levels finally snapped – the fragile FBM KLCI tumbled to briefly hit its eight-year low of 1,521 on Feb 3 – a level last seen on Jan 31,2012.

This fall wasn’t isolated to the FBM KLCI. Across the region, markets were in a tailspin. The only difference was, most markets weren’t visiting lows close to a decade ago. The Dow Jones and S&P 500 also faltered, but they were still just a whisker away from their all time highs.