KUALA LUMPUR: HLG Research said technically, there are signs of weariness on the momentum and trend indicators, signaling more consolidation ahead as the FBM KLCI is unable to break the 1,500 psychological resistance convincingly but the Economic Transformation Plan (ETP) roadmap could galvanise sentiment.
???We could see more downside pressure if the index breaches the 10-day SMA of 1,490,??? it said on Tuesday, Oct 26.
HLG Research said however, healthy volume above one billion units, persistent?? rotational buying interests amongst blue-chips and lower liners, speculation of an early general election next year and positive expectation of the upcoming Nov reporting season and yesterday???s launch of ETP roadmap could provide short term lift in sentiment.
On Monday, the FBM KLCI jumped as much as 5.5 points in intraday amid strong gains in PLANTATION [] counters after CPO prices rose to 2010???s high of RM3,070 per tonne.
However, profit taking activities reduced its gains at the close to only 0.8 of a point at 1491.4. Market breadth was positive with 511 gainers as compared to 268 losers but overall trading volume and value declined 8% each to 1.13 billion shares worth RM1.47 billion.
???We could see more downside pressure if the index breaches the 10-day SMA of 1,490,??? it said on Tuesday, Oct 26.
HLG Research said however, healthy volume above one billion units, persistent?? rotational buying interests amongst blue-chips and lower liners, speculation of an early general election next year and positive expectation of the upcoming Nov reporting season and yesterday???s launch of ETP roadmap could provide short term lift in sentiment.
On Monday, the FBM KLCI jumped as much as 5.5 points in intraday amid strong gains in PLANTATION [] counters after CPO prices rose to 2010???s high of RM3,070 per tonne.
However, profit taking activities reduced its gains at the close to only 0.8 of a point at 1491.4. Market breadth was positive with 511 gainers as compared to 268 losers but overall trading volume and value declined 8% each to 1.13 billion shares worth RM1.47 billion.
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