On the chart, the KLCI’s elevation – up 130.6-points (11.3%) in seven weeks after plummeting from 1296.33 to trough of 1,157.47 on 10 Mar – means that the benchmark index has nearly recouped all the losses suffered in the single day post-election crash, even though our feedback suggests not many investors actually rode on the recent run-up. Meanwhile, according to the latest information released by Bursa Malaysia, as a percentage of total trading value in 1Q08, foreign investors actually accounted for 43% and retail investors made up just 25%.
After breaking out from its ascending triangle pattern last week, I expect the KLCI to show a positive bias ahead, probably clearing its first resistance hurdle of 1,300 soon but likely to back off subsequently from the next resistance target of 1,335.
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