For the past week, KL index futures languished on downward bias with August contract dipping 24point w-o-w, wiping out the entire 2 weeks gain to settle at 1159.5. Reacting to falls in global indices amid worries on the pace of economy recovery, the positive momentum could not be maintained as skittish players liquidated into strength while awaiting fresh leads. Despite the slide, consolation is the selling volume has been relatively thin.
Over in US last Friday, Wall Street leaped 156 points to 2009 high spurred by a record-breaking jump in home sales followed by the optimistic comments from Fed Reserve that added to optimism the economy was on the verge of recovery. On the same note, expect KL index futures to stage a relief recover on bargain-hunting with overhead barriers anticipated at 1170-1175 points band. To the downside, support is pegged at 1159.
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