Correction for FBM Small Cap Index may extend, says RHB Retail Research

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KUALA LUMPUR (March 20): RHB Retail Research said the correction for the FBM Small Cap Index (FBMSC) may still extend as market sentiment remains weak.

In a technical analyser today, the research house said the FBMSC ended at 15,758.13 points to post a 37.95-point loss yesterday.

It said as a result, it charted a black candle after having oscillated between a low of 15,728.86 points and a high of 15,814.65 points.

"In the daily chart, we see the index now hovering near the 15,684-point support.

"Based on the current technical viewpoint, it is likely that the downside movement may extend further.

"This is supported by the 35.37-point loss in the 21-day SMA line to 16,328.52 points, which implies a bearish outlook," it said.