Further increases likely for FBM Small Cap Index, says RHB Retail Research

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KUALA LUMPUR (Aug 13): RHB Retail Research said the FBM Small Cap Index (FBMSC) may still inch up, in line with the ongoing bullish bias.

In a technical analyser today, the research house said the FBMSC ended at 15,096.59 points at the end of last Friday's session and posted a 12.51-point increase.

It said a "Doji" candlestick pattern was formed, which implied that the session was an indecisive one.

"We now see the index heading north and, based on the current technical landscape, chances are high that the FBMSC will test the 15,188-point resistance in later sessions.

"Our positive view is also supported by the fact that the index is hovering firmly above the 50-day SMA line, which points towards a positive outlook," it said.