Bank stocks continued to be under selling pressure in the morning session and the announcement of the poor industrial production data this afternoon further weighed on the market. KLCI lost 11.98 pts to close at 838.39.
The weak industrial production data for January, which showed a 20.2% decline on-year, also raised concerns about the health of the economy and the impact on banks.
Asian markets were mostly weaker after yesterday’s hike.
The Key Indicator (Blue) of the Daily MSO Chart slipped 22.50 pts and fell back below the 20-Days Average after today’s trade. The Indicator is now at -61.10.
After months of poor sentiment the MSO chart has eventually formed a new trend pattern whereby the 5-Days Average were traded within a triangular passage. It is time for the market to decide its direction of whether to move upwards or downwards. The Indicator must surge and break through its overhead resistances in near term to escape from a long term downtrend channel which is yet to be formed. (Click on Chart to view)
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