The Asia Pacific market closed mixed on Friday after days of sell-off. Apart from Japan, the Australian and New Zealand market ended negative, the rest of Asia market closed in positive territory. But, is this positive gain in Asia market a short one?
Dow Jones finished at 16346.45 on Friday, lost 167.65 points. Since DJIA ended in red, we think the market will open lower again on Monday morning.
Hang Seng Index closed +120.37 @ 20453.71 while January futures contract closed up 51 @ 20399. The entire range for the week for spot futures ranged between 20255-21850 (1595). We think 20000 is the crucial psychological support for HSI. Is the market going to break below 20000 tomorrow?
In Malaysia, FBM KLCI was traded between 1637.50-1697.50 (60) last trading week. The cash market finished at 1657.61 (+2.48); spot futures closed +7 @ 1654.50. We see 1625 as the next support for KLCI, upside resistant 1680.
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