FBM KLCI Preview, Technical Outlook 11 July 2013

Stocks ended off earlier highs on Wednesday, after initial optimism from overnight Wall Street strength was overshadowed by weaker export numbers from China which confirmed the world's second largest economy is slowing more rapidly. The KLCI still closed up 2.22 points at 1,768.71, off an early high of 1,771.24 and low of 1,766.67, as losers beat gainers 441 to 308 on slower trade totaling 1.22bn shares worth RM1.7bn.

Blue chips should continue to be range bound with upside capped amid cautious trade in the near-term, given the weaker-than-expected economic data from China dampening the growth outlook in the region.

Key immediate support for the KLCI stays at the 50-day moving average, now at 1,765, while a breakdown will grease correction towards 1,738, the 38.2%FR of the 1,597 low to 1,826 peak, , with 1,723 and 1,718, the highest point prior to 13GE, acting as stronger support buffers. On the upside, immediate resistance stays at 1,791, the 138.2%FP, followed by the 1,800 psychological level.

 

 

HAPPY TRENDING

BURSA MALAYSIA CLOSING MARKET REPORT 28 OCT 2011

FBM KLCI Uptrend Sustain

The FBM KLCI index gained 10.89 points or 0.74% on Friday. The Finance Index increased 0.97% to 13420.59 points, the Properties Index up 0.46% to 966.84 points and the Plantation Index rose 0.03% to 7494.68 points. The market traded within a range of 10.05 points between an intra-day high of 1488.20 and a low of 1478.15 during the session. 

Actively traded stocks include HIRO-WA, HARVEST-WA, GPRO, HARVEST, MBFHLDG-WA, TIMECOM, HIRO, HUBLINE, SAAG and RAMUNIA-WA. Trading volume increased to 1877.90 mil shares worth RM2295.28 mil as compared to Thursday’s 1877.17 mil shares worth RM2413.17 mil. 
 

Leading Movers were CIMB (+18 sen to RM7.46), GENTING (+30 sen to RM10.60), MAYBANK (+6 sen to RM8.35), PETCHEM (+10 sen to RM6.41) and SIME (+5 sen to RM8.90). Lagging Movers were IOICORP (-12 sen to RM5.14), UMW (-7 sen to RM6.59), DIGI (-10 sen to RM31.50) and YTL (-1 sen to RM1.51). Market breadth was positive with 470 gainers as compared to 338 losers.  

HAPPY WEEKEND