On the last trading day of January, Asia Pacific markets ended in positive territory, though it is still far from the beginning of the month.
Nikkei 225 soared 2.80 percent or 476.85 points closed at 17518.30 after BOJ announcement of adopting negative interest rate. Following Nikkei, Hang Seng Index surged 487.28 points (+2.54%) ended at 19683.11 at closing. February futures contract up 450 points, closed at 19723. Range of the day for February futures contract was between 19031-19738 (707).
Thanks to the revised Budget 2016, FBM KLCI Index managed to break above resistance 1650. Cash market finished at 1667.80, soared 33.27 points or 2.04 percent. January futures contract settled at 1656.50 (+22.00) while February futures ended at 1660.00 (+33.50). Next month futures was traded between 1627.00-1661.50 (34.50).
Will the rally continue next month? Maybe. Since Chinese New Year is approaching in a week, there could be a mini CNY rally. However, transaction could be lower for Asia market ahead of the festive season.
We see the nearest resistant for Hang Seng Index at 19880, next 20250. On the downside, immediate support is at 19480, next 19050. For KLCI, immediate resistant at 1680, higher 1700; supports--1645 and next 1620.
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