Wednesday, April 11, 2012

KLCI - More Sideways Trading As Dow Rebounds

Bursa Recap: KLCI ends higher despite regional decline
Asian shares markets dropped as investor sentiment were weakened following a 1.7% plunge on Dow Jones over global growth prospects and persistent worries about debt restructuring in the euro zone amid spiking Spanish and Italian bond yields.

Prior to a public holiday on 11 Apr, KLCI closed 5.9 pts higher at 1597.2, spurred by active buying on blue chips such as GENTING (+24 sen to RM11.08), IOICORP (+11 sen to RM5.40), PBBANK (+4 sen to RM13.72), AXIATA (+2 sen to RM5.34) and MAYBANK (+2 sen to RM8.86) in anticipation of positive economic data in trade and manufacturing statistics.

FBM KLCI Outlook: More sideways trading after Dow Jones rebounds
The KLCI may retest 1600 today amid overnight rebound on Dow Jones and European markets. However, in the absence of local catalysts and weak buying momentum, upside will be limited as external uncertainties prevail.

Immediate resistance levels are 1600-1610 whilst immediate supports are mid Bollinger band at 1587 and 30-d SMA (1584). A violation of 1584 will drive KLCI lower towards 40 & 50-d SMAs at 1577 and 1571 respectively.

Daily KLCI - Sideways Consolidation
FBM KLCI 12-04-2012

Source: HLIB Research

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