Sunday, January 29, 2012

KLCI Lower Liners And Penny Stocks Will Continue To Shine

Bursa Recap: KLCI dips 3 points to end -0.1% wow
Asian markets ended cautiously higher last Friday, as investors awaited the outcome of Greek debt talks and U.S. 4Q2011 GDP. However, KLCI eased 3 points or 0.2% to end at 1520.9 on mild profit taking activities on bigcaps.

Volume increased to 2.28 billion shares worth RM1.85 billion against Thursday’s 1.96 billion shares worth RM1.7 billion amid greater retail participation especially after external sentiment improved with the Fed's pledge to keep interest rates low until late 2014.

FBM KLCI Outlook: Lower liners and penny stocks to shine
This week, KLCI is expected to take cue from the outcome from major overseas development such as 30 January European Summit, Greece debt swap deal with bondholders and Italy’s medium to long term bond auction. Besides, focus will also be on U.S. January economic figures such as consumer confidence (31 January), ADP employment (1 February), ISM (1 February) and nonfarm payrolls (3 February).

Unless KLCI stages a breakout above the 1531 level (31 December 11 high), market is likely to consolidate further with attention remain on lower liners and penny stocks as more investors return from CNY holidays. Immediate support is 1500 while resistance are the huge gap between the 1529-1546 levels dated 5 August 11.

Daily KLCI: Awaiting An Ascending Triangle Breakout
FBM KLCI 30-01-2012

Daily KLCI: Building Its Base
FBM KLCI 30-01-2012a

Source: HLIB Research

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