Wednesday, June 22, 2011

FBM KLCI To Re-challenge All Time High Of 1577

Bursa Recap: KLCI inches up 6.6 points, tracking regional markets rally.
Asian markets were higher as investors grew more optimistic that the Greek government would take the necessary measures to stave off a debt default after winning a crucial confidence vote. The FBM KLCI surpassed May’s high of 1566 points to end 6.6 points higher at 1567.4, spurred by selected heavyweights ahead of the mid -year window dressing activities.

Leading Movers were GENTING (+30 sen to RM11.20), CIMB (+6 sen to RM8.55), MISC (+15 sen to RM7.38), IOICORP (+5 sen to RM5.36) and YTLPOWR (+4 sen to RM2.23). However, daily volume dropped 11% to 847m shares as investors stayed on the sidelines awaiting the outcome of the FOMC meeting.

FBM KLCI outlook: Likely to retest all time high of 1577 points
Having acknowledged the external headwinds, we are actually impressed by the continued resilient local market. The FBM KLCI continued to hold on steady above the 10-d SMA (1556 points) and swung past its May’s high of 1566 points and staged a triangle breakout yesterday, albeit due to late surge and on low volume.

Although the road will remain bumpy in the wake of Wall Street’s wild swings, the KLCI is likely to re-challenge the all time high of 1577 points soon, aided by the mid-year window dressing activities. Immediate support levels are situated around 10-d SMA (1556), 30-d SMA (1546) and 50-d SMA (1540).

Daily KLCI: A positive Breakout Will Spur More Upside Towards 1580 Points
FBM KLCI 23-06-2011


Source: HLeBroking

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