Wednesday, May 25, 2011

FBM KLCI Continue Its Triangle Consolidation

Bursa Recap: KLCI up 3.1 points amid regional markets muted gains
Sharp losses on Wall Street and fears that Europe's debt crisis might be spreading to larger economies led to choppy trading and muted gains in Asian stock markets despite positive calls on commodities by Goldman Sachs.

In line with the mild recovery in the regional markets, FBM KLCI climbed 3.1 pts to 1532.1 led by Tenaga (+27sen to RM6.49) on hopes of a tariff increase from the government.

Market breadth was positive with 437 gainers as compared to 312 losers but trading volume moderated 7% to 830m shares.

FBM KLCI outlook: Continue consolidation
The local bourse will continue its triangle consolidation in lacklustre trade, as investors are adopting a wait-and-see approach in the wake of external headwinds.

Overall, profit taking consolidation over the last two days was within our targeted support levels of 1515-1525, with a more solid floor near 1507 points (6 May low).

As long as the 1507 low holds, the FBM KLCI’s near term upside target resistance of 1552-1565 pts remain intact.

FBM KLCI Continue Its Triangle Consolidation
FBM KLCI 25-05-2011


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