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Saturday, January 9, 2010

FBM KLCI >>> Ready For The 1300 Challenge Next Week?

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Rotational activities among lower-liners and mid-capitalised stocks to keep mart buoyant next week
Although the FBM KLCI added 1.56 points or 0.12% to 1,292.98, share prices were generally mixed to lower. The index opened 3.51 points higher at 1,294.93 points, slightly below the day's highest level of 1,295.51 and moved to a low of 1,290.86 points during the day, representing a trading band of only 4.65 points.
Of the 30 components of KLCI, 9 closed in the positive territory, 12 ended lower while the remaining nine were unchanged. Volume for the 30 component stock was 76 million shares worth RM476 million.
The FBM KLCI rode the Wall Street and regional market sentiments to closed at 1,292.98 points yesterday (Friday), recording a week-on-week gain of 20.20 points, or 1.59 per cent.FBM KLCI Daily & Weekly Technical Indicators
Moving Averages: The FBM KLCI continued to stay above its 10-, 20-, 30-, 50-, 100- and 200-day moving averages.
Momentum Index: Its short-term momentum index stayed above the support of its neutral reference line.
On Balance Volume: Its short-term OBV trend stayed above the support of its 10-day exponential moving averages.
Relative Strength Index: Its 14-day RSI stood at the 68.55 per cent level yesterday.

The FTSE Bursa Malaysia Small Cap Index jumped 557.88 points, or 5.49 per cent to close at 10,723.69 points while the FTSE Bursa Malaysia ACE Index gained 148.73 points, or 3.46 per cent, to 4,448.31 level.
Weekly Volume on the main market rose to 5.945 billion units worth RM7.706 billion from 1.905 billion units worth RM2.899 billion previously.
Given the momentum thrust generated over the first five trading days of the year, the FBM KLCI is likely to stage another re-challenge of its major psychological resistance of 1,300 sometime this week.
Next week, the FBM KLCI's envisaged resistance zone hovers at the 1,296 to 1,330 levels while its immediate downside support is at the 1,255 to 1,289 levels.

Mart ended week with lower volume & mixed sentiments
Market breadth on Friday was however negative with losers leading gainers 367 to 326 on a lower volume of 1,036 million shares worth RM1,277 million from 1,475 million shares valued at RM1,900 million Thursday.

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