We mentioned yesterday that FBM KLCI Index need a breakup or breakdown to break the boring trading range. Finally, we saw a breakthrough this afternoon thanks to 1MDB scandal - the default of $1.75 billion bond!
The spot futures open at 1712.0 in the morning, highest touched 1713. Futures contracts rollover activity plus the default news pressed the market all the way to 1702 in the morning session. The support at 1700 couldn't hold on anymore. We saw market lowest went to 1690.0 before futures settled at 1691.0, lost 22 points. Cash market closed at 1692.50 (-22.01).
Immediate resistance for KLCI is seen at 1698. Higher resistance at 1706. On the downside, near support 1675, next 1650. Ringgit was weaker, last seen 1USD~ RM3.91.
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