FTSE Bursa Malaysia KLCI (.KLSE) falls 28.23 points; Asian markets slugged

FTSE Bursa Malaysia KLCI (.KLSE) falls 28.23 points; Asian markets slugged

FTSE Bursa Malaysia KLCI (.KLSE) falls 28.23 points; Asian markets slugged

 Bursa Malaysia finished the first trading of the second quarter lower on Wednesday, in line with broader Asia markets.

At closing, the FBM KLCI retreated 28.23 points, or 2.09% to 1,322.66. The index opened 5.99 points lower at 1,344.90 this morning.

Losers outnumbered gainers 523 to 355 while 358 counters closed unchanged. Turnover stood at 4.74 billion shares worth RM2.77bil.

In today’s session, 26 of the KLCI-component stocks were traded lower while only 4 counters advanced.

Elsewhere in the region, China’s Shanghai Composite index was down 0.57% at 2,734.52 while the blue-chip CSI300 index was down 0.3%.

Hong Kong’s Hang Seng index was down 517.69 points or 2.19% at 23,085.79. The Hang Seng China Enterprises index fell 1.98% to 9,404.98.

Reuters reported that Japanese shares plummeted as investors braced for a potential lockdown of Tokyo, a global recession, and sharp cuts in corporate earnings and dividend payouts due to the coronavirus pandemic.

Nikkei 225 fell 4.5% to a one-week closing low of 18,065.41.

South Korea’s Kospi index closed down 69.18 points, or 3.94%, to 1,685.46, logging the biggest daily fall in more than a week. It dropped 23.31% so far this year.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 1,427.80.

The projected upper bound is: 1,392.41.

The projected lower bound is: 1,242.32.

The projected closing price is: 1,317.37.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 66.9857. This is not an overbought or oversold reading. The last signal was a sell 0 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 42.00. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 6 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 59. This is not a topping or bottoming area. The last signal was a buy 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.

Rex Takasugi – TD Profile

FTSE BURSA KLCI closed down -28.230 at 1,322.660. Volume was 27% above average (neutral) and Bollinger Bands were 175% wider than normal.

Open     High      Low     Close     Volume___
1,344.9001,344.9001,322.6601,322.660 189,037,104
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 1,307.21 1,455.92 1,569.26
Volatility: 53 36 20
Volume: 229,845,952 193,954,144 127,034,992

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FTSE BURSA KLCI is currently 15.7% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .KLSE at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .KLSE and have had this outlook for the last 47 periods.

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