Stocks on Bursa Malaysia crossed 1590-level point yesterday and outperformed most of its key regional peers. The FBM KLCI closed 12.3 points higher at 1,595 while Asian markets mostly ended mixed.
As for FBM KLCI futures contract, all contracts closed higher with 16 or more points. Spot month contract and Jul12 contract earned 16.0 and 17.0 respectively.
The market could stay in its upward trend for second day as the Spain bond yield dropped, lifting up the European and the U.S. market. In addition, with the close of the G-20 summit in Mexico and its ready-to-help statement on euro zone, investors might get confident with the market. The psychological point for today would be 1,600 level.
However, beware of the market could choppy or going down due to profit-taking. Besides, the technical data, RSI showed the graph is getting near the over-demand region.
The resistance for today is 1604 and 1611 while the support stays at 1573 and 1585.
US Market
The U.S. market went up as the Spain bond yield went lower. With the close of the G-20 summit, U.S. is encouraged to undertake a more forceful response to the debt crisis. However, a QE3 is unlikely to be announced on Wednesday noon by Fed.
The Dow Jones industrial average scored 95.51 points, or 0.75%, to 12,837.33. The Standard & Poor's 500 Index added 13.2 points, or 0.98%, to 1,357.98. The Nasdaq Composite rose 34.43 points, or 1.19%, to end at 2,929.76.
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