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Showing posts from February, 2010

KLCI 12Feb 2010

The Bursa Malaysia stock market ended at the day's best following more positive economic data from China and Australia, boosting markets in the region and to a certain extent locally.  The FBM KLCI closed at the day's high of 1,249.42, off an early low of 1,244.86 but market breadth was mildly negative as losers beat gainers 313 to 276 on better trade volume totaling 646.4mn shares worth RM881.9mn.

Core index heavyweights should consolidate with a slight upward bias today ahead of the long Chinese New Year holiday break next week, but Genting Bhd should lead gains following the announcement of the opening of subsidiary Genting Singapore's Resorts World casino in Sentosa Island on the first day of CNY.  Meantime, oil & gas related stocks are our focus today, with Dialog and Kencana Petroleum likely to attract keen buying interest in the near-term following the former's 2-for-5 bonus stock split and positive earnings outlook for the latter.

As for the KLCI, a de…

Bursa Malaysia: Lower Liners to Sustain Rotational Interest

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Stocks rebound on Thursday led by lower liners, encouraged by a regional rebound after US President Barack Obama called on Congress to pass tax cuts and spending to stimulate growth, but blue chips stalled on profit-taking and selling. Consequently, the FBM KLCI was down 1.26 points to settle at 1,264.51, off an opening high of 1,267.85 and low of 1,261.69 as gainers beat losers 534 to 190 on slower pace of 935.3mn shares worth RM1.43bn.
Stronger Support at 1,255, Then 1,248
Overnight losses on US and European markets sparked by concerns Greece may default could extend a correction in the region.  Nevertheless, on the local market, given the weak buying momentum on blue chips, the index should aim for base building consolidation, but lower liners appear robust with healthy rotational plays to encourage retail participation.  Immediate support is retained at 1,262, which mirror yesterday’s low and matching the 76.4% Fibonacci Retracement (FR) of the upswing from 1,248.58 low to t…