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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 decisive breach above 1,249, the 38.2%FR of 1,154 to 1308, will enhance upside initially to 1,256, the 38.2%FR of the sell-down from 1,308 high to recent pivot low of 1,224, with stronger hurdles likely at the 100-day and 50-day moving averages, currently at
1,260 and 1,273.  Immediate support is upgraded further to 1,240, with 1,231, 1,224 and 1,213 as progressively stronger support platforms.      source : TA securities