KL index futures buckled into the first hour of trading in tandem with losses across Asia markets as a weaker-than-expected US jobs report signaled more pain ahead for the world’s largest economy. Similarly, the local bourse started off in the red zone but steadily took a change for the better on bargain-hunting buying momentum. Despite the worrying development and an external front that remains volatile, futures exhibited resilience to the downside and traded on mild upward bias in positive zone for most part of trading sessions last Friday. Week-on-week, spot month contract declined 5 points to settle at 1074.
Given that Wall Street has been stuck in a range since May, KL market may just extend its present sideways pattern for this week. If there is any catalyst in the horizon, it may well be the start of 2nd quarter earnings season in US to sway market sentiment. For today, July contract initial support is seen at 1065. To the upside, resistance can be expected at 1081.
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Monday, 6 July 2009
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