KUALA LUMPUR: The FBM KLCI clawed back into positive territory at mid-morning on Monday, Nov 16 and was up 3.14 points to 1,502.95 at 10am, lifted by gains including at Genting, Gamuda, CIMB and Maybank.
The 30-stock index, which had opened in the red in line with the cautious sentiment across the region, crossed the 1,500-point level as economic data released in Japan soothed regional markets.
Japan's economy grew 0.9% in July-September from the previous quarter, more than market expectations, as consumption got a last-minute boost from expiring government stimulus measures.
But net external demand made no contribution to overall economic growth, boding ill for the export-reliant economy, according to Reuters.
The expansion in gross domestic product (GDP) translates into an annualised increase of 3.9%, the Cabinet Office said on Monday, above a median market forecast of 2.5%, it said. .
The fourth straight quarter of expansion was bigger than a revised 1.8% annualised growth in April-June and exceeded US growth of 2% during the same period, said Reuters.
On Bursa Malaysia, gainers led losers by 269 to 200 while 187 counters traded unchanged at mid-morning. Volume was 215.83 million shares valued at RM192.91 million.
RHB Research Institute Sdn Bhd said with the FBM KLCI's bearish technical readings continued amid the bearish reversal in the regional markets that responded negatively to the China markets' unexpected 5% plunge, the local sentiment was likely to stay under pressure this week.
Also, given a decisive breakdown to below the 10-day SMA, investors should stay cautious ahead pending clearer signals from the regional markets, it said.
On a more negative note, the index, if it fails to recapture the psychological level of 1,500 and the 10-day Simple Moving Average (SMA) of 1,513 soon, chances are high for it to continue heading downward to below the 40-day SMA near 1,488, said the research house.
'That, if it occurs, will confirm a major 'Double Top' formation on the chart following its failure to sustain its crossover of the previous historical high of 1,524.69, despite hitting a fresh all-time high of 1,531.99.
'Nevertheless, given the late rebound from the 40-day SMA on Friday, we do not discount any possibility of a technical rebound this week, should the selling ease on the core bluechips,' said RHB Research.
Key support is at 1,450, while the resistance is seen at the 10-day SMA this week, it said.
Among the major gainers, Kulim added 26 sen to RM13.58, Genting was 20 sen to RM10.36, SEG International rose 10 sen to RM2.30, Lion Forest Industries up 18 sen to RM2.51, Hong Leong Industries up 12 sen to RM5.20, Gamuda added 11 sen to RM3.57, MTD Capital gained 10 sen to RM6.05, YTL Corp rose six sen to RM8.36, CIMB up five sen to RM8.35 and Maybank added three sen to RM9.23.
The decliners included P&O, Fima Corp, Naim, Petronas Gas, Genting PLANTATION []s, Supermax and RHB Capital, while the actively traded stocks included Time, Poh Kong, CNI, Hubline and Salcon.
The 30-stock index, which had opened in the red in line with the cautious sentiment across the region, crossed the 1,500-point level as economic data released in Japan soothed regional markets.
Japan's economy grew 0.9% in July-September from the previous quarter, more than market expectations, as consumption got a last-minute boost from expiring government stimulus measures.
But net external demand made no contribution to overall economic growth, boding ill for the export-reliant economy, according to Reuters.
The expansion in gross domestic product (GDP) translates into an annualised increase of 3.9%, the Cabinet Office said on Monday, above a median market forecast of 2.5%, it said. .
The fourth straight quarter of expansion was bigger than a revised 1.8% annualised growth in April-June and exceeded US growth of 2% during the same period, said Reuters.
On Bursa Malaysia, gainers led losers by 269 to 200 while 187 counters traded unchanged at mid-morning. Volume was 215.83 million shares valued at RM192.91 million.
RHB Research Institute Sdn Bhd said with the FBM KLCI's bearish technical readings continued amid the bearish reversal in the regional markets that responded negatively to the China markets' unexpected 5% plunge, the local sentiment was likely to stay under pressure this week.
Also, given a decisive breakdown to below the 10-day SMA, investors should stay cautious ahead pending clearer signals from the regional markets, it said.
On a more negative note, the index, if it fails to recapture the psychological level of 1,500 and the 10-day Simple Moving Average (SMA) of 1,513 soon, chances are high for it to continue heading downward to below the 40-day SMA near 1,488, said the research house.
'That, if it occurs, will confirm a major 'Double Top' formation on the chart following its failure to sustain its crossover of the previous historical high of 1,524.69, despite hitting a fresh all-time high of 1,531.99.
'Nevertheless, given the late rebound from the 40-day SMA on Friday, we do not discount any possibility of a technical rebound this week, should the selling ease on the core bluechips,' said RHB Research.
Key support is at 1,450, while the resistance is seen at the 10-day SMA this week, it said.
Among the major gainers, Kulim added 26 sen to RM13.58, Genting was 20 sen to RM10.36, SEG International rose 10 sen to RM2.30, Lion Forest Industries up 18 sen to RM2.51, Hong Leong Industries up 12 sen to RM5.20, Gamuda added 11 sen to RM3.57, MTD Capital gained 10 sen to RM6.05, YTL Corp rose six sen to RM8.36, CIMB up five sen to RM8.35 and Maybank added three sen to RM9.23.
The decliners included P&O, Fima Corp, Naim, Petronas Gas, Genting PLANTATION []s, Supermax and RHB Capital, while the actively traded stocks included Time, Poh Kong, CNI, Hubline and Salcon.
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