KUALA LUMPUR (Jan 3): AllianceDBS Research said the FBM Small Cap Index had on Jan 2 traded lower to 11,201.75 before closing near the day's low at 11,217.68 (down 81.06 points or 0.72%).
In its Trading Pulse note today, the research house said following the down close, the FBM Small Cap Index is likely to move lower again with immediate support at 11,140.
It said a fall below 11,140 would put pressure on the index down to the subsequent support zone, 10,910-11,000.
"Market hurdle is pegged at 11,410. A crossover of 11,410 should see a test of next resistance at 11,530," it said.
AllianceDBS Research said stock decliners that contributed to the fall in this sub-index include AirAsia X Bhd (down 0.5 sen), FGV Holdings Bhd (down 2 sen ), and Jaks Resources Bhd (down 2.5 sen).
It said the moving average (MA) analysis shows that the FBM Small Cap Index is in a downtrend as the shorter 20-day MA (blue) line is below the longer 50-day MA line (red).