Market poised to test new high

PETALING JAYA: Despite the stock market adage: sell in May and go away, technical analysis indicate that Malaysia’s stock market is likely to test a record high this week.

According to technical analysts, near-term indicators suggest that the benchmark FTSE Bursa Malaysia KL Composite Index (FBM KLCI) will likely rewrite its all-time high of 1,882 that was recorded on Dec 31, 2013.

Hong Leong Investment Bank (HLIB) in a note last Friday, stated the near-term outlook for the FBM KLCI to reach its all-time high was positive following a strong breakout above the estimated 10-day simple moving average of 1,861.

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