REVIEW: By Tuesday, the FBM KLCI had breached below the 1,560 support and the 50-day simple moving average (SMA), suggesting a tentative breakdown of the consolidation channel. By mid-week, the continued descent confirmed the correction phase.
The shine has been taken off glove stocks as global sentiment moves towards a recovery from the Covid-19 pandemic. Coupled with the recent weak earnings results of Corporate Malaysia, there were few positive catalysts to lift Bursa Malaysia out of a growing downtrend.
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