KUALA LUMPUR: The FBM KLCI continued to stay firmly above the 1,350-point level at mid-morning on Tuesday, July 27, lifted by gains including at AMMB, Public Bank, IOI Corp and Tenaga.
The gains at the local bourse were also in line with the generally positive tone at regional markets following the overnight higher closing at wall street.
On Bursa Malaysia, the FBM KLCI rose 1.14 points to 1,352.96 at 10am. Gainers edged losers by 199 to 183, while 199 counters traded unchanged. Volume was 147.76 million shares valued at RM165.04 million.
OSK Research said the''immediate technical outlook of the FBM KLCI is bullish after the FBM KLCI had on Monday created a new high in the 2009-2010 rally.
OSK Research said in its technical outlook on Tuesday there had previously been three failed breakout attempts at the 1,350 point-level during the march-may period.
Although the index only violated the 1,350 point-level marginally, it could turn out to be a major market action which could lead to further upside for the market. "The immediate technical outlook of the FBM KLCI is bullish," it said.
OSK Research said the rebound starting from the may low was actually not a bear rebound as we had expected. This is the second time since march 2009 that a major breakdown experienced by the FBM KLCI did not lead to the kind of sharp decline normally seen.
"To re-cap, the first violation of the critical 50-day MAV line in february this year also did not cause the FBM KLCI to retrace drastically from the moving average line. From the current level, look for the next tough resistance at the 1,395 point-level. Initial support is now seen at the 1,350 point-level, followed by the 1,332 point-level and the 1,326 point-level," it said.
Among the major gainers on Bursa Malaysia, AMMB added eight sen to RM5.23, Public Bank two sen to RM12.18, IOI Corp and Tenaga three sen each to RM5.13 and RM8.61, while Maybank and Genting Malaysia rose one sen each to RM7.71 and RM2.73.
BAT rose 16 sen to RM43.76, Cycle & Carriage 13 sen to RM5.90, HELP 12 sen to RM4.18, QSR 11 sen to RM4.51 and Kulim gained 10 sen to RM7.90.
Hong Leong Financial Group was the top loser and fell 17 sen to RM8.33. Stamford College fell 15 sen to 26 sen, Nestle 14 sen to RM37.10 and Mudajaya down 10 sen to RM5.59.
Berjaya Corp was the most actively traded counter with 10 million shares done. The stock fell two sen to RM1.01.
Other actives included Kenmark, Iris, Daya and KKB Engineering.
At the regional markets, Japan's Nikkei 225 was up 0.13% to 9,516.43, the South Korean Kospi up 0.06% to 1,770.08, the Singaporean Straits Times Index up 0.74% to 2,988.98 while Hong Kong's Hang Seng Index opened 0.4% higher at 20,925.75.
However, the Shanghai Composite Index fell 0.33% to 2,580.05 and the Taiwan Taiex shed 0.23% to 7,769.84.
The gains at the local bourse were also in line with the generally positive tone at regional markets following the overnight higher closing at wall street.
On Bursa Malaysia, the FBM KLCI rose 1.14 points to 1,352.96 at 10am. Gainers edged losers by 199 to 183, while 199 counters traded unchanged. Volume was 147.76 million shares valued at RM165.04 million.
OSK Research said the''immediate technical outlook of the FBM KLCI is bullish after the FBM KLCI had on Monday created a new high in the 2009-2010 rally.
OSK Research said in its technical outlook on Tuesday there had previously been three failed breakout attempts at the 1,350 point-level during the march-may period.
Although the index only violated the 1,350 point-level marginally, it could turn out to be a major market action which could lead to further upside for the market. "The immediate technical outlook of the FBM KLCI is bullish," it said.
OSK Research said the rebound starting from the may low was actually not a bear rebound as we had expected. This is the second time since march 2009 that a major breakdown experienced by the FBM KLCI did not lead to the kind of sharp decline normally seen.
"To re-cap, the first violation of the critical 50-day MAV line in february this year also did not cause the FBM KLCI to retrace drastically from the moving average line. From the current level, look for the next tough resistance at the 1,395 point-level. Initial support is now seen at the 1,350 point-level, followed by the 1,332 point-level and the 1,326 point-level," it said.
Among the major gainers on Bursa Malaysia, AMMB added eight sen to RM5.23, Public Bank two sen to RM12.18, IOI Corp and Tenaga three sen each to RM5.13 and RM8.61, while Maybank and Genting Malaysia rose one sen each to RM7.71 and RM2.73.
BAT rose 16 sen to RM43.76, Cycle & Carriage 13 sen to RM5.90, HELP 12 sen to RM4.18, QSR 11 sen to RM4.51 and Kulim gained 10 sen to RM7.90.
Hong Leong Financial Group was the top loser and fell 17 sen to RM8.33. Stamford College fell 15 sen to 26 sen, Nestle 14 sen to RM37.10 and Mudajaya down 10 sen to RM5.59.
Berjaya Corp was the most actively traded counter with 10 million shares done. The stock fell two sen to RM1.01.
Other actives included Kenmark, Iris, Daya and KKB Engineering.
At the regional markets, Japan's Nikkei 225 was up 0.13% to 9,516.43, the South Korean Kospi up 0.06% to 1,770.08, the Singaporean Straits Times Index up 0.74% to 2,988.98 while Hong Kong's Hang Seng Index opened 0.4% higher at 20,925.75.
However, the Shanghai Composite Index fell 0.33% to 2,580.05 and the Taiwan Taiex shed 0.23% to 7,769.84.
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