Thursday, February 21, 2008


KLCI down 1.7% at 1390.21 in thin volume, dragged by Gamuda's (5398.KU) 16.5% decline to MYR4.16, foreign funds' selling pressure on blue chips and index-linked heavyweights. Market breadth deeply negative with decliners outpacing gainers 520 to 104. Sustained selling pressure likely to drag benchmark index down toward 1382 (Dec.18 low). Today's market action has resulted in the KLCI taking out the 30- and 100-day moving average support levels. Technical indicators point to further declines in coming days.


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