Sector: KLCI Top 30 Index*

Analysed on 29/08/21

KLCI index has broken its downtrend line and very bullish for the past week. Why?

1) stable politics despite Covid-19 cases remain high.

2) Most of the Banks have delivered good quarter results and price spiked.

3) Most of the hot money flowed into recovery industries.  

According to Bursa Malaysia official website, foreign investors have pumped in more than RM 707mil into Malaysia for the past week. This indicated that foreign investors have slowly gained back their faith in our markets after political uncertainty is resolved. However, let’s hope that the new government will perform well and subsequently reduce the  Covid-19 cases as soon as possible. Another good news is price of brent oil stand back to USD 70.

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

Reason to take note: Immediate resistance level @ 1600

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