KUALA LUMPUR (Nov 2): AllianceDBS Research said the Construction Index had on Nov 1 traded lower to 323.12 before closing at 324.15 (down 4.49 points or 1.37%).

In its Trading Pulse note today, the research house said following the down close, the Construction Index is likely to move lower again with immediate support at 320.

"A fall below 320 would put pressure on the sub-index down to the subsequent support at 318.

"Market hurdle is pegged at 327.7. A crossover of 327.7 should see a test of next resistance at 332.3," it said.

AllianceDBS Research said stock decliners that contributed to the fall in this sub-index include Ekovest Bhd (down 21 sen or 18.1%), Gamuda Bhd (down 9 sen or 1.71%), and IJM Corp Bhd (down 3 sen or 0.94%).

It said the moving average analysis shows that the Construction Index is in a downtrend with sideways bias as the shorter 20-day MA line (blue) is below the longer 50-day MA line (red), and the gap between these two MA lines is not seen widening.