Thursday, June 23, 2011

KLCI: The 1566-1577 Levels Remains A Tough Hurdle

Bursa Recap: Financial stocks pull down FBM KLCI
Asian markets were down as the Fed sounded a downbeat note on the U.S. economy and lowered its growth forecasts for 2011.

The KLCI closed 4.2 points lower, dragged by banking stocks as RHBCAP fell the most since Oct 08 following reports that CIMB and Maybank were dropping their respective takeover bids for the bank. Leading movers were HLBANK (-44 sen to RM12.90), RHBCAP (-57 sen to RM9.03) and CIMB (-4 sen to RM8.51).

FBM KLCI outlook: The 1566-1577 levels remain a tough hurdle
A two-tier market pattern is likely to persist in the near-term, with lower liners continue their consolidation in the absence of positive catalysts whilst blue chips stay resilient amid external uncertainties, partly due to the mid-year window dressing activities.

Despite failing to re-challenge all time high of 1577 points yesterday after staging a positive breakout on 22 June, we remain hopeful that the KLCI will re-challenge the barrier when current consolidation ends and external markets stabilize.

If the 1577 barrier is taken out, further upside target is 1600. Immediate supports are 30-d SMA (1549) and 50-d SMA (1540).

Daily KLCI Is Testing A Potential Triangle Breakout
FBM KLCI 24-06-2011

Source: HLeBroking

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