Wednesday, April 6, 2011

FBM KLCI Is In Consolidation Mode

Bursa Recap: KLCI ends flat in lackluster trade
Share prices on Bursa Malaysia closed marginal lower on mild profit-taking in selected blue chips. Market breadth remained strong with gainers outpacing losers 1.58:1.However, investors were still concern on the growing inflationary pressures as well as the renewed Portugal debt problem. At close, the FBM KLCI shed 0.18 of a point to 1,552.89.

Gainers led losers by 490 to 310 while volume was 1.57bn shares (-2%) valued at RM2.07bn (+5%).

FBM KLCI outlook: In consolidation mode
We reiterate our near term positive view on the FBM KLCI after last week's breakout rally and positive domestic newsflows.

Blue chips are expected to consolidate further till overbought conditions neutralize, while sustained rotational plays and lower liners continue to attract retail participation.

Immediate resistance remains at 1,565 (last week’s high), followed by all time high of 1577 points. Support levels are situated around 1525 (50% FR) and 1538 (38.2% FR).

Daily KLCI: A Breakdown Below 5-Days SMA Will Trigger More Selling Pressures.
FBM KLCI 07-04-2011

Source: HLeBroking

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