Overnight Dow Jones closed down 57.32 at 16639.97. Apart from Singapore and Australia market finished in green, New Zealand market closed unchanged and the rest ended in red. Shanghai Composite Index closed down 2.87 percent is the worst performing market among the region after the announcement of Reserve Requirement Ratio cut by PBOC.
In Hong Kong, Hang Seng Index futures for March contract opened at 19345; market traded to lowest 18960 before it settled at 19057 (-293) at closing while cash market finished at 19111.93 (-252.22). The trading range for March futures contract was between 18960-19345 (385).
February is a short trading month. The entire trading range for February futures was between 18217-19715 (1498). We believe market will retest daily MA10-19204. Higher resistance 19560, 19800. On the downside, immediate support is 18800, next at 18200.
In Malaysia, FBM KLCI Index lost 8.69 points ended at 1654.75. The February futures contract settled at 1654.50 (-10.50) while March futures contract finished at 1647.50 (-14.50). Next month futures contract was traded between 1645.00-1661.00 (16.00). Nearest support for KLCI is 1630, next 1600. Resistance- 1675, 1700.
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