Top ten biggest market capitalisation stocks as at 24th August 2010

During a meaningful bull run, institutional investors will probably invest heavily in big cap stocks because of their high liquidity. In case the market decides to correct or should there be a change of trend it is easier to just sell of at least part of their holdings to take some cash off the table.
The FBMKLCI is now above 1400 and the average historical PE is above 15x which make the stocks even in the top 10 big cap no more a bargain. The high liquidity in the market place may provide some fuel for the fire of rally but it will burn out naturally in the course of time.
It will be a good and prudence to watch the market cap trend from now on, If the market cap starts to decline, it signals that the institutions are cashing out otherwise they still stay invested at the same level.

According to the past pattern, market will reach the end part of a bull run when the second and third lines come into play. Right now some second and third liners are not actively traded and their valuation such as PE is still low. Once these second and third liners start to move up strongly with volume it is probably a signal of the end of the current bull phase. 

For now I think there is still some room for the market to trend upwards.

This is just my opinion. Comments are welcome