Stocks on Bursa Malaysia was trading aimlessly for most part of yesterday, and window dressing activities in the last minute lifted the FBM KLCI from the negative territory to close 5.36 points or 0.42% higher at 1270.81. Among the heavyweights, Maybank rose 13 Sen to RM6.90, CIMB up 10 Sen @ Rm13.10, Sime Darby increased 3 sen to RM8.98 and MAXIS added 2 Sen to RM5.40. Market breadth was negative with losers led gainers by 308 to 280 while 239 stocks were traded unchanged. Volume was marginally higher at 527 million shares valued at RM802 million.
The FBM KLCI managed to break through the resistance at 1266 and close at 1270 as was mentioned in yesterday’s analysis. With a close above the 30-days moving average, the benchmark index has in the short term turned upward. MACD, RSI and Stochastic continued to move up, indicating a continuation of upward momentum in the index. However, the low volume was a concerned, as it reflects the lack of market participation and the rise may not last.
The 1270 level of the FBM KLCI is a strong resistance area, if the index is not able to close above it, then it might fall and continue to drift between 1260 and 1270.
Today, the FBM KLCI is expected to trade within a range of 1260 to 1277.
This week's expected range: 1238 – 1277
Today’s expected range: 1260 – 1277
Resistance: 1273, 1275, 1277
Support: 1260, 1263, 1265
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