Wednesday, June 29, 2011

FBM KLCI: A New All-Time High In The Making

Bursa Recap: KLCI jumps 7.5 points, breaking May’s high of 1567 points
Asian stocks ended higher on Tuesday amid optimism that Greece will be able to avert a default on national debt and news that French and German central banks have agreed to extend the maturity of Greek sovereign debt.

The FBM KLCI up 7.5 to break May’s high of 1567 points. Sentiment was boosted by the strong IPO debut of MSM and selected index-linked stocks such as CIMB (+23 sen to RM8.98), GENTING (+20 sen to RM11.18), and RHBCAP (+34 sen to RM9.16), ahead of the mid year window dressing activities.

FBM KLCI outlook: All time high in the making
We maintain our FBM KLCI year-end target of 1720 points, driven by sustained consumption, Petronas capex and the acceleration of ETP impact in 2012. The market continues to be non-trending and we see any near-term weakness as an opportunity to buy on dips.

Following the convincing breakout of 1567 poits yesterday and another strong overnight Dow performance, the FBM KLCI is on track to rewrite its all time high of 1577 pts recorded on 6 Jan, with the next test to be the 1,600pts psychological mark.

Immediate supports are 30-d SMA (1552) and 50-d SMA (1543).

Daily KLCI Is Likely To Violate All Time High Of 1577 Points After a Positive Breakout
FBM KLCI 29-06-2011

Source: HLeBroking

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