Wednesday, June 15, 2011

KLCI Continue Sideways Amidst External Woes

Bursa Recap: KLCI rises 7.7 points
Regional markets were mixed after China’s central bank raised its SRR by 50 bps to 21.5% and the S&P’s downgrade for China’s property sector to negative.

Contrary to the mixed regional markets, FBM KLCI was 7.7 points higher to 1556.2, lifted by index-linked stocks i.e. TENAGA (+17 sen to RM6.77), PETGAS (+38 sen to RM12.50) and PETCHEM (+12 sen to RM7.18). Trading volume rose to 888m shares worth RM1.6 billion against Tuesday’s 755m shares worth RM1.2bn.

FBM KLCI outlook: Continue sideways consolidation amid external woes
The renewed selling forces on Dow overnight will dampen Asian markets and Bursa Malaysia today.

Nevertheless, the ability of KLCI to defend the 50-d SMA near 1539 (also the uptrend line support) and 30-d SMA (1541) supports are positive signals that the index could march higher towards 1566 (May’s high) and all time high of 1577 resistance zones once the current triangle consolidation ends.

Further support is near 1530 (lower Bollinger band).

Daily KLCI Is Still Poised For A Triangle Breakout Despite External Woes
FBM KLCI 16-06-2011

Source: HLeBroking

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