FBM KLCI under pressure

FBM KLCI Feb 27

REVIEW: Worries over the scope and duration of the movement control order is keeping the local stock market under pressure despite the director-general of Health’s attempts to assuage fears over the surging number of coronavirus cases in the country.

Having fallen below the 1,600-point psychological resistance in the prior week, investors were seen opting for safety at a lower support. Spurred on also by a holiday-shortened trading week, investors took over 20 points off the FBM KLCI on Monday to 1,576.62, its lowest close of the week. Given that the index had fallen for eight straight sessions by this point, it seemed a matter of time before bargain-hunters worked in a rebound on the market.