On 23rd November 2010, FBM KLCI took a wild ride on roller coaster. It has been held above the 1,500 psychological level since end of October except 12th and 18th of November, closing at 1,499 points and 1,496 points respectively. People have been jittery over the current market condition and it has yet to sketch its next movement. Close to 10a.m., the index tumbled about 14 points from initial gains to 1,494 points, a knee-jerk reaction of blue chips amid the decline over the regional markets and the lower than expected 3Q local GDP. We should look at the upcoming announcement of US and UK GDP on 23 and 24 November respectively.
Despite a gentle rebound from early loss during the mid-day, FBM KLCI remained below 1,500 level and subsequently continued earlier loss to end the reddish day at 1,487.53 points, which closed 15.67 points lower than yesterday amid the Ireland debt issue and the conflict between South and North Korea.
Technically, FBM KLCI has fallen below its 30-day moving average and is getting closer to its 50-day moving average. Investor confidence has been dampening as we can see from the declining volume. With such a configuration, we should keep our fingers crossed for overnight announcement of US GDP and for world peace. !_!
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