FBM Small Cap Index may still rise higher, says RHB Retail Research

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KUALA LUMPUR (Aug 14): RHB Retail Research said the positive view for the FBM Small Cap Index (FBMSC) remains in play above 13,649 points.

In a technical analyser today, the research house said the FBMSC closed yesterday's session at 14,942.99 points, ie 153.60 points lower from its prior close of 15,096.59 points.

The research house said this left a black candle after oscillating between a low of 14,924.32 points and high of 15,081.56 points, which implied that the session was led by the bears.

"Nevertheless, we make no change to our positive view, given that no strong downside development has been sighted yet.

"Overall, the bulls continue to dominate market sentiment," it said.

At 2.05pm today, the FBMSC was up 0.53% or 79.53 points to 15,022.52.