KUALA LUMPUR (Jan 26): AllianceDBS Research said the immediate support for the FBM Small Cap Index was seen at 15,150.

In its trading pulse yesterday, the research house said the FBM Small Cap Index had on Jan 24 traded marginally lower to 15,239.76 before closing at 15,279.55 (down 0.34 points or 0.0%).

Given the recent market action, the FBM Small Cap Index is likely to move between 15,150 and 15,400 in the next few days.

A crossover of 15,400 should see a test of next resistance at 15,500. However, a fall below 15,150 would put pressure on the sub-index down to the subsequent support at 15,000.

It said stock decliners that contributed to the fall in this sub-index include Globaltec Formation Bhd (- half sen or 10.0%), Hovid Bhd (down half a sen or 1.63%), and Borneo Oil Bhd (down half a sen or 3.03%).

“The moving average analysis shows that the FBM Small Cap Index is on an uptrend as the shorter 20-day MA line is still seen pulling away from the longer 50-day MA line,” it said.