FBM KLCI Drop But The Regional Market Up
Yesterday FBM KLCI drop but the regional market up. The profit taking activities is mostly done by foreign fund due to they need to cash out for Christmas next month. Base on the chart, FBM KLCI still in bull run to hits 1,300 by end of Nov so it still had room to profit making in short term.
China has released its industrial production figures for October which showed y/y growth of 16.1%. Retail sales were up 16.2% y/y in October. Both figures are higher-than-expected and confirms that China’s economic growth remains well balanced on the consumer and producer side of the economy. While there is very little data releases in other parts of the world today the
markets might find direction from the positive Chinese data.
FBM KLCI today may likely benefit from this data too.
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