Bottom Up?

KLCI ends +1.7% at 1248.19 in moderate volume led by gains in plantation, construction, blue chip stocks; market breadth ended positive with gainers trouncing decliners 469 to 188. Key trigger for rising buying interest attributed to stronger ringgit; USD/MYR last at 3.1520 (level last seen 10 years ago), tracking SGD after MAS tightened monetary policy. Follow through buying interest tomorrow could help KLCI close Mar. 10 gap down move (1278 to 1242) if volume traded accelerates. Buying interest from foreign funds accelerated in late afternoon trade, lifting the KLCI close to 1250 (psychological resistance). Further ringgit strength tomorrow is likely to lift the broader market. MIMB's Pong Teng Siew says KLCI has already bottomed-out; may be poised for an upswing in coming days or weeks.