Showing posts from August, 2016

Bursa Malaysia Shares: Stimulus Hopes and Oil Price to Underpin Sentiment

Bursa Malaysia shares managed to rebound from early decline in choppy trade Thursday, in line with most of the regional markets as weak trade data from Japan weighed on sentiment. The index inched up by 0.55 points to close at the day’s high of 1,694.87, off an early low of 1,690.44, as losers beat gainers 439 to 384 on turnover totaling 2.85bn shares worth RM1.99bn.
Support from Rising 10-day ma (1,682)
Hopes for further stimulus from Japan which reported weak trade data and oil output freeze from major producers which pushed WTI crude up to USD48.22 a barrel overnight should underpin local trading sentiment. Immediate support for the index remains at the rising 10-day moving average at 1,682, next will be the 100 and 200-day ma at 1,665, followed by the 50-day ma at 1,655. Immediate resistance stays at Tuesday’s high matching the 1,700 psychological level, with tougher resistance from the April peak of 1,729.
Take Profit on AMMB & CIMB
Weakening trend indicators on AMMB impli…