The FTSE Bursa Malaysia KLCI (FBM KLCI) may stage a mild technical rebound as overall market sentiment is likely to improve marginally.
“The local market fell for four consecutive days last week, with cumulative losses of 27.7 points, before rebounding two points on Friday, to close at 1,776.16.
“I expect the market to turn around this week, with support at 1,775 points and resistance level at 1,785 points,” a market dealer told Business Times over the weekend.
He added that investors are waiting for the outcome of discussions on the United States’ monetary policy and the debt ceiling limit.
Any surprising news under the 2014 Budget could sway the market pendulum positively as well as strengthen the ringgit, said the dealer.