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Wednesday, January 27, 2010

BURSA MALAYSIA >>> Another Red Hot Day

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Malaysian Shares Closed Lower For The 6th Straight Sessions
The FBM KLCI tumbled 17.25 points or 1.34% to 1,265.77 points. It opened 1.49 points lower, which was also the day’s highest level, at 1,281.53 points and moved to a low of 1,262.32 points during the day. Trading band was 19.21 points.
Market breadth was negative with losers outnumbering gainers 618 to 168. There were 1,083 million shares worth RM1,827 million exchanging hands against 1,250 million shares valued at RM1,654 million Tuesday.
Of the 30 components of KLCI, 3 closed in the positive territory, 22 ended lower while the remaining 5 were unchanged. Volume for the component stock was 154 million shares worth RM1,041 million.
The KLCI also broke below the 1272 Fibonacci Retracement. Therefore, the next support for the KLCI is at 1250 while the resistance is at 1272 Automatic Fibonacci Retracement.
Total market volume declined 13.4%, while the market volume remains above the 40-day VMA level. This suggests that the market is still actively participated, but if the KLCI should fall with high volume, it would imply that the selling pressure is strong.

In conclusion, the KLCI ended lower amid the bearish Bollinger Bands signal. However, with some sign of oversold condition, the KLCI is due for a technical rebound. Nevertheless, should the KLCI remains resisted by the Bollinger Middle Band after the rebound, the outlook shall remain bearish biased.
For the heavyweights, Sime Darby fell six sen to RM8.73, Maybank declined three sen to RM6.82, CIMB dropped 30 sen to RM12.76 and Maxis was flat at RM5.39.IOI Corp shed 10 sen to RM5.31, Tenaga Nasional went down 13 sen to RM8.00, Public Bank decreased 20 sen to RM11.70, PPB was 26 sen lower at RM16.38 and British American Tobacco went down 30 sen to RM42.50.
The Finance Index lost 179.16 points to 11,059.85, the Industrial Index shed 13.73 points to 2,635.61 and the Plantation Index went down 74.58 points to 6,271.21.
The FBM Emas Index dropped 111.7 points to 8,498.84, the FBM Ace Index declined 32.35 points to 4,363.91 and the FBM70 Index was 86.84 points lower at 8,276.56.
The Ace Market volume rose to 106.463 million shares worth RM18.02 million from 81.989 million shares worth RM16.167 million previously.
Consumer products accounted for 41.49 million shares traded on the Main Market, industrial products 211.92 million, construction 57.55 million, trade and services 322.83 million, technology 40.65 million, infrastructure 19.87 million, finance 89.91 million, hotels 458,300, properties 98.15 million, plantations 31.27 million, mining 100,000, REITs 2.96 million, and closed/fund 38,200.

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