Search All The Blogs Listed Below:

Bloggers Latest Updates

KLCI : Buy On Dip AVENTA n SUPERMAX for Rebound

Early Sell-Off to 1,309/1,300 Likely Before Market Stabilize
The overnight tumble on Wall Street, with the Dow Jones average plunging almost 1,000 points at one point before bouncing back, should spillover and spark losses in the region and locally as global markets undergo renewed downside volatility amid jittery sentiment.  Immediate support is seen at 1,320, the 50% retracement of the 12-day rally from 1,292 low of 22 March to the 7 April peak of 1,347, matching the 50-day moving average, but an early sell-off to better supports at 1,309 to 1,300 is likely before stocks stabilize.  Immediate resistance will be at 1,341, the upper range of the gap-down, next at Tuesday’s high of 1,349, with stronger hurdles at 1,354 and 1,360.

 

Buy on Dip Adventa & Supermax for Rebound
Nonetheless, investors are alerted to bargain blue chips which are trading below their lower Bollinger bands on any further sharp dips, specifically Gamuda, Genting Malaysia, IOI Corp, Public Bank and Sime Darby for technical rebound gains.  Most lower liners we track are also trading below their lower Bollinger bands, and hence are ripe to buy on sharp dips for technical rebound upside. Stocks on focus today are Adventa and Supermax, which are better buys on dip towards their revised immediate supports of RM3.10 and RM6.10 to maximize rebound profits.

 

Asian Stocks Tumbled on Europe Woes
Asian bourses tumbled, dragging the MSCI Asia Pacific Index down by the most in three months on concern over the Greek crisis and Moody’s Investors Service reviewing Portugal’s credit rating.  MSCI’s gauge for the Asia Pacific region tumbled 4.1% in the last three days as concern on countries in addition to Greece may need a bailout and Moody’s placed the Aa2 rating on Portugal on review as the country struggle to reduce its deficit.  Li & Fung Ltd., which
received 27% of its fiscal 2009 revenue from Europe, declined 3.5%.  Evergrande Real Estate Group Ltd., China’s second biggest developer by sales, slumped 10% after its said the company will cut prices for its properties across China.  The Hong Kong Hang Seng Index fell 194.13 points or 0.96% to 20,133.41, while the Singapore’s Straits Times Index dropped 20.66 points or 0.72% to 2,839.65.