Sector: KLCI Top 30 Index*

KLCI index is having lower lows which is considered bearish. Unstable politics, economy is sluggish and threats of Covid-19 are the main resistance now. According to Bursa Malaysia official website, foreign investors have withdrawn more than RM 30billion from Malaysia since 2020 till now. This is the main indicator that they have lost faith in our markets. However, let’s hope for a better government formed and reduction of Covid-19 cases as soon as possible. The only good news is brent oil price is standing firm at USD 70, otherwise we could see market dive further.  

*[Please note that KLCI index only represents TOP 30 companies by market capitalization in Bursa Malaysia]

Reason to take note: Immediate support level @ 1500 & August is QR month for many companies