Forget the news from Paris! Retail and institutional investors took this opportunity to buy on dips. The market rebounded and finished off higher at the end of the week, although there was a panic selling on Monday!
Hang Seng Index broke below 22000 on Monday morning, but the market very quickly rebounded and ended higher on Friday. Closing at 22754.72, up 254.50 for cash market; the November futures contract finished at 22761 (+278). Range of the week for futures was traded between 21818-22822 (1004).
For KL market, cash closed at 1661.89 (+1.83), November futures closed down 2 at 1656.50. Spot futures was traded between 1634-1674.5 (40.5) last week.
Looking at the chart for Hang Seng and KLCI Index, they seems like on a downtrend channel. As next week is final week of the month, there will be futures contracts rollover and hence, we expect market to be volatile and range trading.
For Hang Seng, upside resistant is at 23000, next 23500. Downside support 22250, next 21900. For KL market, the resistant are 1675 and 1700; support 1650 and lower-1625.
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