Looks like market is holding well above 1700 for KLCI Index and for Hang Seng Index, holding well above 20300. Is the bull getting tired? If you are holding shares which has paper profit, will you take profit now or wait a little longer? Maybe market might move differently after the Brussels Attack this afternoon.
Hang Seng Index spot futures lost 68 points finished at 20607; cash market ended at 20666.75 (-17.40) at today's closing. FBM KLCI Index gained 6.39 points settled at 1724.75 while March futures ended up 4.50 points at 1724.00 on Tuesday evening.
We see immediate resistance for KLCI Index at 1725. Next target 1750. Any correction will send market close to 1700. For HSI, immediate resistance is seen at 20850. If market can break above this level, there is a chance market will retest 21000. On the downside, supports at 20300, further at 19800.
On a separate note, USD is soften. We managed to see 1USD~RM3.99 today. While there are so many analysts out there predict whether is now the beginning of bull market or continuation of bear market, we think it is ok to stay invest in stock market and occasionally hedge against the futures market. Meanwhile, we had set aside some capital for property market too, although it is not cheap to get one now. If not now, then when?
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