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FBM KLCI Market Review

A rebound off the recent 1,445.33 lowMarket Review
The FBM KLCI rose yesterday by 13.52 points to close at 1,464.71. The FBM 100 and the FBM EMAS also rose by 83.16 points and 80.56 points respectively. Market breadth was overwhelmingly positive as gainers outnumbered losers by 469 to 292 while 276 counters were unchanged. Market volume traded yesterday was 1.16m shares, valued at RM1.6b. 

Regional Markets

All Asian markets traded higher and were led up by the JCI (2.07%). Other gainers were the Shanghai CI, which rose 1.14% and the Nikkei 225, which added 1.39%. The SET added more than 1%, the Hang Seng rose exactly 1% while the KOSPI, STI and TAIEX gained 0.77%, 0.67% and 0.31% respectively.

US Markets
US stocks ended softer last night  as investors took profits on equities (amidst European debt worries) following last Friday’s large rise. The Dow lost 0.44% or 48.22 points to 10,812.04, the SP500 declined 0.56% or 6.51  points to 1,142.16 and the NASDAQ ended 0.48% or 11.45…

Goldman Sach buys more MyEG

MyEG: Goldman Sach buys more
Goldman Sachs International has raised its stake in MyEG Services Bhd. The U.S. investment bank acquired 1.2m MyEG shares over  three days – 14, 15 and 17 Sep, according  to  filings with Bursa Malaysia. This  raised  its stake  in MyEG  to 37.1m  shares  or  a  6.18%  stake.  The  latest  purchase  follows  a  lull  of  two  months  from  its  last  transaction,  where  it acquired 200,000 shares on 14 Jul. In Jun and Jul, Goldman Sachs had made a flurry of purchases on the open market.
(Financial Daily)

FBM KLCI Technical Outlook

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FBM KLCI: Key Points
  HARTA (Sell), PLENITU & AIRASIA (Buy)
  FBM KLCI – Charging towards 1,500
  Firm supports are at 1,459 & 1,475
  Resistances seen at 1,479 & 1,495 Daily Technical Outlook
The FBM KLCI closed 6.30 points higher on firm buying activities to settle at 1,475.99. Its resistance areas at  1,479 and 1,495 may cap market gains, whilst the firm support areas for the FBM KLCI are located at 1,459 and 1,475. 
Due to the mixed trading mode in the USA last night, we will see the FBM KLCI inch up today – with some blue chip bargain hunting movements as well as some rotational lower liner activity. Obvious profit-taking activities may trim the market’s advance. As such, trade with a relevant stop-loss on each stock for a short to medium-term time frame. 
Stocks in an uptrend that we like are: AIRASIA, BJCORP, DNP, DXN, FABER, GENM, GENTING, GOODWAY, KENCANA, MASTEEL, MSC, PLENITU, SAPRES, SCIENTX, SHANG,
SIME, TWSCORP and ULICORP.
We do not lik…