Friday, November 4, 2011

KLCI: Cautious Ahead of Long Holiday Weekend

Bursa Recap KLCI falls 8.6 points, recovered from -18 points intraday
Asian markets fell as chaos over Greece's role in the euro zone battered investors’ sentiment. Fallout from Greece’s bailout scheme could lead to a disorderly default, affecting European banks that could ripple across the global financial system.

FBM KLCI also lost 8.6 points to 1462.4, its 3rd consecutive loss and lowest close since October 25. Turnover rose 12% to 1.76bn shares but total value tumbled 33% to RM1.14bn given the focus mainly on lower liners and penny stocks. Market breadth was bearish with 524 losers and 226 gainers.

FBM KLCI Outlook: Cautious ahead of long holiday weekend
The local bourse showed some resilience over the last two trading days as it managed to mitigate huge intraday losses to close moderately lower on selective blue chips bargain hunting towards closing.

Although sentiment will likely improve today following overnight Dow Jones' gains and Greece backing down on a national referendum, FBM KLCI’s near term outlook remains cautious given the long holiday weekend as Bursa Malaysia will be closed on Monday for Hari Raya Haji,

Unless the index closes above the uptrend channel, KLCI will continue its range bound consolidation with 30-day (now at 1420) and 50-d SMAs (1437) acting as immediate supports. Immediate resistance zones are 38.2% FR (at 1487), 1493 (last
week’s high) and 1500 psychological levels.

Daily KLCI: More Consolidations Ahead Amid Weakening Technicals And A Breakdown In Uptrend Channel
FBM KLCI 04-11-2011

Source: HLIB Research

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...