Strong economic data, strong IPO, called for a strong 2Q start for all equity mkts, China manufacturing data and Japan’s Tankan. World largest IPO in 2 year, Dai-ichi, met strong demand, +14%.
Fbm just missed high year, strong after 15 mins into trading, with CIMB leading the pack. (+3p to fbm index). Fkli went crazy after 30 resistance breaks…all the way to hit new year high in just 25 mins…thenafter steady. Stagnant within 36-37 in whole PM session.
Both produced a breakout scenario on closing basis. While some are calling a double top formation but as long as the mkt stays above 7SMA mkt is bullish.. The mkt is likely to break away from 1300-1340 range, targeting 1320-1360 if not 1340-1380
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