Thursday, February 9, 2012

KLCI To Retest 1570 Zones After Filling The 1529-1546 Gap

Bursa Recap: KLCI jumps 14.4 points to 6-month high
Asian bourses hit their highest levels in more than five months as investors kept alive hopes for an agreement of a new Greek bailout package despite further delays. Sentiment was also boosted on speculation of slowing inflation report today will provide more leeway for the China central bank to ease monetary policy. Top gainers were SHCOMP (2.4%), followed by TWSE (2.1%) and HSI (1.5%).

Tracking the bullish regional tone, KLCI surged 14.4 points or 0.9% to 1553.2, supported by a 54% surge in daily volume to 4.4bn shares valued at RM3.3 billion.

FBM KLCI Outlook: To retest 1570 zones after the 1550 breakout
Renewed buying interest on index-linked stocks after recent consolidation and persistent active retail participation on lower liners, ACE and penny stocks are expected to sustain KLCI rally in the short term, in anticipation of positive progress on Greece debt talk, acceleration in ETP projects rollout, continuous funds inflows and stronger global manufacturing data.

Immediate supports are 1542 (upper Bollinger band) and 1530 (31 Dec 11) whilst resistance levels are the upper channel near 1570-1580 zones.

KLCI To Test The Upper Channel Amid Bullish Technicals
FBM KLCI 09-02-2012



Source: HLIB Research

1 comment:

  1. The Malaysian stock market has alternated between positive and negative finishes through the last four trading days, since the end of the two-day losing streak in which it had fallen just over 1 point. Coming down from a fresh record closing high, the Kuala Lumpur Composite Index finished just below the 1,590-point plateau - and now traders are bracing for more pain at the opening of trade on Tuesday.sell structured settlement

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