Malaysia Market – End of the Day

Asian stocks lost steam in the afternoon session after Japan closed 1.40% lower. However, Chinese shares remained in black and edged up another 1.69%.

At the local front, FBM KLCI moved sideways whole day after opening high this morning. The Index closed at 1,163.79 gained 0.36. Total Volume decreased by 80 mln to 604 mln.

Market sentiment remained in doldrums whole day with the Oscillator sliding downhill but managed to end off low at -181.78 lost 251.47 from the starting point. The Average recorded a loss of 105.64.

The Key Indicator (Blue) of the Daily MSO Chart halted its downhill slide and lost only 0.84 to -326.88. But both MS20 and MS50 continued to slip. MS50 is now at -36.32.

Conclusion
As MS50 continued to sink deeper into red, market base has lost its ground and will take longer to recover. The shrinking volume is a sign of bearish sentiment, technically. It is only a matter of time that MS20 will follow other indicators to dip into red also.

We have to wait for MS5 or the Key Indicator to make a U-turn for market reversal. Meantime, let’s start earlier to celebrate our 52th Merdeka Anniversary. (Constructed and Shared by Smartbiz)