FBM KLCI to pull back after staging a cumulative rise of 83.5-point

HwangDBS expect the key FBM KLCI to pull back after staging a cumulative rise of 83.5-point or 6.1% in seven days. From a technical perspective, the benchmark index will probably back off from its immediate resistance level of 1,445 ahead.

Meanwhile, major U.S. equity indices rebounded from their intra-day lows to finish mixed (of between -0.4% and +0.6%) last night. Essentially, sentiment was clouded by renewed concerns on the progress of the European debt crisis.

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