KUALA LUMPUR (Dec 20): Maybank IB Research said while the FBM KLCI rose on late local bargain hunting and window-dressing activities on Monday, investors should liquidate on rallies.
The KLCI rose 11.56-points to close at 1,477.78, underpinned by Axiata, DiGi, Genting, YTL and CIMB.
The research house said in its technical view on Tuesday, the KLCI's key swings were'' 936.63 (high) and 836.51 (low). A correction from the October 2008 low surged to the 'Flat' Wave 5-move that stalled at the high of 1,597.08 in July 2011.
Maybank IB Research said however, a poor close in the last three months saw the KLCI plunge to the 1,310.53 low (on Sept 26). The current rebound phase may have stalled at 1,502.53 (on Dec 1), as the price bars fell recently into the gap-up move between Nov 30 and Dec 1.
'Despite the US markets' poorer tone last night, we may have a day of further window dressing on the local index today.
'The market's next swing high was located at 1,502.53 (1 Dec). As such, a softer phase has re-emerged. Do liquidate on rallies (including the current window-dressing phase), as the holiday and year end season approaches,' it said.
The KLCI rose 11.56-points to close at 1,477.78, underpinned by Axiata, DiGi, Genting, YTL and CIMB.
The research house said in its technical view on Tuesday, the KLCI's key swings were'' 936.63 (high) and 836.51 (low). A correction from the October 2008 low surged to the 'Flat' Wave 5-move that stalled at the high of 1,597.08 in July 2011.
Maybank IB Research said however, a poor close in the last three months saw the KLCI plunge to the 1,310.53 low (on Sept 26). The current rebound phase may have stalled at 1,502.53 (on Dec 1), as the price bars fell recently into the gap-up move between Nov 30 and Dec 1.
'Despite the US markets' poorer tone last night, we may have a day of further window dressing on the local index today.
'The market's next swing high was located at 1,502.53 (1 Dec). As such, a softer phase has re-emerged. Do liquidate on rallies (including the current window-dressing phase), as the holiday and year end season approaches,' it said.
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