FBM KLCI - lower on continued selling pressure

Stocks on Bursa Malaysia closed lower yesterday in tandem with regional peers with the benchmark FBM KLCI ended lower ahead of the interest rate decision by Bank Negara Malaysia in the evening. Late fund selling of heavyweights Tenaga Nasional and Sime Darby and other key index linked stocks dragged the FBM KLCI down nearly 16 points to its lowest since March 23. At close, the benchmark index was 15.87 points, or 0.87%, lower at 1,805.1, after hitting an intraday high of 1,818.79 earlier in the day. Losers led gainers 437 to 319, with 360 counters unchanged. Total volume fell to 1.55 billion shares worth RM1.97 billion from Wednesday’s 1.92 billion shares worth RM1.79 billion. Read more >>

FBM KLCI - lower on continued selling pressure

Stocks on Bursa Malaysia ended lower yesterday on continued profit-taking as investors feared that a downtrend in the local market was still present, as Monday’s selling which focused on oil and gas counters had shifted to banks on Wednesday, also to a more broad-based selling yesterday. At close, the FBMKLCI stood at 1,745.69, down 12.46 points or 0.71%, after opening 2.1 points higher at 1,760.25. The benchmark index moved between 1,743.62 and 1,768.81 throughout the day. Losers trounced gainers by 519 to 286, while 309 counters were unchanged. Total volume increased to 1.88 billion units worth RM2.25 billion from 1.56 billion units worth RM1.97 billion on Wednesday. Read more >>

FBM KLCI - higher on follow through buying

Stocks on Bursa Malaysia closed mixed yesterday with the benchmark FBMKLCI ended on slightly firmer note, supported by buying interest in blue-chips, mostly oil- and gas-related. Oil and gas counters were in the limelight after the government planned to abolish the fuel subsidies beginning Dec 1. The FBMKLCI gained 4.79 points or 0.26% to close at 1,838.56, after moving between 1,830.48 and 1,843.55 throughout the day. Losers outpaced gainers by 476 to 308 with 305 counters unchanged. Total volume fell to 2.09 billion units worth RM2.46 billion from 2.24 billion units worth RM1.91 billion on Monday. Read more >>

FBM KLCI - lower on continued weak sentiment

Stocks on Bursa Malaysia closed broadly lower yesterday, dragged down by losses in blue-chips and small-capitalised stocks, in line with weak market sentiment in other Asian markets, although there was strong demand for Chinese stocks as the Shanghai-Hong Kong Stock Connect makes its debut. The benchmark FBMKLCI settled at its intra-day low of 1,806.48, down 7.31 points or 0.04%, after trading as high as 1,814.58. Losers led gainers by 532 to 245, with 286 counters unchanged. Total volume decreased to 1.41 billion shares worth RM1.39 billion from 1.64 billion units worth RM1.6 billion on last Friday. Read more >>

FBM KLCI - likely to consolidate

Stocks on Bursa Malaysia closed mixed last Friday with the benchmark FBMKLCI closing 7.79 points or 0.43% lower at 1,824.19, as profit-taking emerged in the second session. The key benchmark index traded within a 17.21-point range on Friday, hitting a high of 1,841.40 earlier in the first session and fell to its lowest at close. On a weekly basis, the FBMKLCI tumbled 30.96 points from previous Friday’s 1,855.15. Gainers outpaced losers by 409 to 392, with 320 counters unchanged. Total volume dwindled to 2.52 billion shares worth RM1.95 billion from 2.87 billion shares worth RM2.52 billion on Thursday. Weekly turnover soared to 11.20 billion shares, worth RM10.53 billion, from 10.51 billion shares, worth RM10.31 billion, recorded the previous week. Read more >>

FBM KLCI - higher on follow through buying

Stocks on Bursa Malaysia closed higher yesterday on upbeat sentiment, driven by gains in regional bourses. The FBMKLCI gained 4.29 points or 0.24% to close at 1,823.15 after moving between 1,815.35 and 1,824.37 throughout the day. Gainers outpaced losers by 633 to 230, while 255 counters were unchanged. Total volume rose to 2.29 billion shares valued at RM1.85 billion from 1.88 billion shares valued at RM1.77 billion recorded last Friday. Read more >>

FBM KLCI - higher on technical rebound

Stocks on Bursa Malaysia ended higher yesterday, lifted by persistent buying momentum in heavyweight blue-chips and penny stocks. The bullish performance of Bursa Malaysia was also in line with its regional peers. The FBMKLCI ended 7.75 points or 0.43% higher at 1,815.34 after opening 0.14 point lower at 1,807.45 and moved between 1,806.25 and 1,816.94 throughout the day. Market breadth was positive with gainers thumped losers by 419 to 357, while 314 counters were unchanged. Volume rose to 1.591 billion shares valued at RM1.849 billion from 1.557 billion shares valued at RM1.732 billion on Monday. ...Read more>>

FBM KLCI - lower on continued weakness

Stocks on Bursa Malaysia closed mixed yesterday with market lifted by strong buying in second and third liner counters despite profit taking on blue-chips. Regionally, losses were seen across Asian markets on China’s weaker economic data, and concerns over the US government’s finances. The FBMKLCI declined 5.56 points or 0.30% to 1,829.18 after hovering between 1,829.13 and 1,836.74 throughout the day. However, market breadth was positive with advancers led decliners by 538 to 262, while 271 counters unchanged. Volume rose to 1.96 billion shares worth RM1.84 billion from 1.31 billion shares valued at RM1.62 billion on Friday. ...Read more>>

FBM KLCI - bullish reversal sign

Stocks on Bursa Malaysia extended earlier gains to close broadly higher yesterday, lifted by buying interest in blue-chips and key heavyweights, as market sentiment improved amid signs that US lawmakers could raise the debt ceiling and on optimism Janet Yellen would not rush to withdraw the stimulus package if she becomes the Federal Reserve chairman. The FBM KLCI ended 6.8 points or 0.38% higher at 1,775.92, after fluctuating between 1,775.04 and 1,769.12 throughout the day. Market breadth was positive with gainers thumping losers by 501 to 264, with 282 counters unchanged. Turnover expanded to 1.86 billion shares worth RM1.566 billion from 1.516 billion shares worth RM1.351 billion on Wednesday. ...Read more>>

FBM KLCI - sign of bottom reversal

Stocks on Bursa Malaysia closed slightly higher yesterday on mild buying interest despite a weaker external environment, as a weaker US dollar – dampened by the partial US government shutdown – helped push up regional markets. The benchmark FBM KLCI rose 0.41 point or 0.02% to settle at 1,769.03 after hovering between 1,759.66 and 1,770.34 throughout the day. Advancers led decliners by 372 to 361, with 327 counters unchanged. Turnover fell to 1.77 billion shares worth RM1.62 billion from 1.85 billion shares worth RM2.38 billion recorded on Monday. ...Read more>>

FBM KLCI - in consolidation, likely to breakout

Stocks on Bursa Malaysia closed lower yesterday ahead of the much-anticipated US Federal Reserve policy meeting. The markets took a breather ahead of what was expected to be the first tentative step by the Federal Reserve as investors are cautiously anticipating the US central bank to cut its US$85 billion monthly asset buying. The FBM KLCI fell 3.54 points or 0.20% to 1,771.40 after hovering  between 1,769.69 and 1774.78. Gainers led losers by 405 to 312, with 320 counters unchanged. Turnover fell to 1.43 billion shares worth RM1.48 billion from Tuesday's 1.5 billion shares worth RM1.74 billion. ...Read more>>

FBM KLCI - likely to consolidate

Stocks on Bursa Malaysia closed lower last Friday ahead of a long weekend, and as investors await the outcome of the US Federal Reserve meeting on monetary policy to be held this coming Tuesday and Wednesday. The benchmark FBM KLCI slipped 1.6 points or 0.09% to close at the day's high of 1,770.8 after hitting an intra-day low 1,764.13, amid improved market sentiments after undergoing four days of strong rally. On a weekly basis, the FBM KLCI gained 47 points from previous Friday's 1,723.80. Losers led gainers by 391 to 300, with 311 counters unchanged. Turnover declined to 1.233 billion units worth RM1.383 billion from Thursday's 1.458 billion shares worth RM1.753 billion, and weekly turnover rose to 7.77 billion shares worth RM9.367 billion versus previous week's 6.6 billion shares valued at RM7.62 billion. ...Read more>>

FBM KLCI - higher amid heavy profit-taking

Stocks on Bursa Malaysia closed firmer yesterday, as investors continue their buying support on the back of the country's better industrial production data, which was released earlier yesterday. The Statistics Department said Malaysia's Industrial Production Index (IPI) grew by 7.6 percent in July when compared with the same month a year ago, boosted by manufacturing, mining and electricity. The FBM KLCI rose 3.53 points or 0.20% to 1,768.48 after opening 4.75 points higher, and moved between 1,763.05 and 1,776.11. Gainers led losers by 402 to 384, with 289 counters unchanged. Turnover rose to 1.99 billion units worth RM2.227 billion from Tuesday's 1.811 billion shares worth RM2.402 billion. Read More>>

FBM KLCI - likely to consolidate

Stocks  on Bursa Malaysia closed easier in quiet trading last Friday on mild profit taking activity but the composite index managed to stay above the 1,800-points level. The market sentiment turned mildly bearish in line with weak key regional markets, led by Japan. The FBM KLCI ended at 1,807.61, down 0.81 points or 0.04%, with losses in CIMB dragging the composite index by 1.511 points. The barometer index moved between 1,804.98 and 1,811.65 points throughout the day. On weekly basis, the FBM KLCI gained 9.87 points higher from previous Friday's 1,797.74 points. Losers thumped gainers by 443 to 303, with 323 counters unchanged. Turnover rose to 1.119 billion shares, valued RM1.623 billion from Thursday's 1.37 billion shares, worth RM1.86 billion. Weekly turnover fell to 6.832 billion shares worth RM9.501 billion from previous week's 7.518 billion shares valued at RM11.102 billion. ...Read more>>

FBM KLCI - new record high for 2nd consecutive day

Stocks on Bursa Malaysia closed generally higher yesterday with the FBM KLCI continued its upward momentum to close at an all-time-high, for the second consecutive day, at 1,810.00, up 4.69 points or 0.26% after opening 1.08 points lower at 1,804.23. The benchmark index, spurred by foreign institutional buying, moved between 1,804.23 and 1,810.71 throughout the day. The firmer trend was due to inflow of foreign funds on growing investor optimism after Japanese Prime Minister Shinzo Abe's ruling coalition managed to security a majority in both houses of parliament. The victory spurred positive sentiment regionally with the markets expected to see prolonged stimulus programmes which will boost Japan's economy in the near term. Gainers outnumbered losers by 392 to 356, with 347 counters unchanged. Turnover rose to 1.541 billion shares worth RM1.941 billion from 1.424 billion shares worth RM2.252 billion on Tuesday. ...Read more>>

FBM KLCI - turning bullish

Stocks on Bursa Malaysia ended higher yesterday on positive sentiment, and in line with the better performance of regional bourses. The benchmark FBM KLCI rose 14.38 points or 0.89% to close at the day’s highest point of 1,632.15, lifted by gains in banking and plantation stocks. The index had moved between 1,617.97 and 1,632.15 after opening 0.48 of a point higher at 1,618.25. Gainers led losers by 325 to 295, while 335 counters were unchanged. Volume dipped to 812.07 million shares worth RM1.37 billion from the 971.095 million shares worth RM1.221 billion on Friday. ...Read more>>

FBM KLCI - breaking out of consolidation

Stocks on Bursa Malaysia ended firmer yesterday as positive economic forecasts for next year boosted the local market sentiment. The Malaysian Institute of Economic Research expected Malaysia’s economy to grow 5.6% next year based on the favourable global economic environment. Meanwhile, Bursa Malaysia’s movement was in line with other regional markets’ performances after the investor appetite was lifted following a pledge from China’s new leader to boost the country’s economic growth next year. The FBM KLCI rose 6.18 points or 0.38% to close at 1,613.79 after opening at 1,609.54 and moved between 1,609.35 and 1,614.51. Gainers outpaced losers by 361 to 293, while 345 counters were unchanged. Volume rose to 829.126 million shares worth RM1.19 billion from 788.99 million shares worth RM1.24 billion on Tuesday. ...Read more>>

FBM KLCI - base forming

Stocks on Bursa Malaysia ended lower yesterday on cautious trading and lack of demand, amid the sluggish economic backdrop. Investors were reluctant to hold position as they awaited a clear market lead before making any decision. Adding to the cautious sentiment was news that Euro-zone finance ministers had failed to resolve Greece’s debt issues. The FBM KLCI eased 1.23 points or 0.08% to 1,622.97 after hovering between 1,624.42 and 1,619.39. Losers led gainers by 349 to 275, while 360 counters were unchanged. Volume rose to 1.03 billion shares worth RM1.59 billion from Tuesday's 1.02 billion shares worth RM1.69 billion. ...Read more>>

FBM KLCI - closed above 1,600

Stocks on Bursa Malaysia ended broadly higher yesterday with interest in selected blue-chips pushed the FBM KLCI to end above the psychological 1,600-point level. External factors, including weaker regional bourses, had capped the local indices from going up further. The market barometer that opened 0.22 of a point higher at 1,597.39 finished 4.1 points or 0.26% higher at 1,601.27 from Tuesday’s 1,597.17. Decliners led advancers 366 to 360 while 321 counters traded unchanged. Total volume increased to 1.108 billion shares valued at RM1.601 billion from 1.105 billion units valued at RM1.577 billion on Tuesday.

The FBM KLCI opened 0.22 of a point higher at 1,597.39 and slipped to the intra-day low of 1,593.57 within the first five minutes of trading. It then rebounded and continued to move higher with intermittent mild pullback on profit-taking for the rest of the day. The key index hit the high of 1,602.05 before closing slightly off high. Chart-wise, the FBM KLCI formed a bullish white candlestick which indicates a continuation of the up move from Tuesday’s rebound. It is now standing above the psychological resistance level of 1,600-point and is expected to continue moving higher today to re-challenge the historical high level of 1,609.33.

MACD was almost flat but its histogram has turned shorter upward, indicating an initial change in the momentum from down to up. RSI (14) was higher at 61.2, indicating a return of the short term relative strength to the bullish zone. Stochastic was marginally lower at 58.8, indicating a mild weakening of the short term strength and the down cycle is still intact. Mixed signals from the indicators showed that the momentum of the FBM KLCI is showing initial signs of reversal but more data is required to confirm this.

The general trend of the FBM KLCI is up as it is staying above all the short, medium and long term moving averages. Immediate overhead resistance zone is at 1,602 to 1,610 while the immediate downside support zone is at 1,593 to 1,586. With overall volume remained at the low level of just above one billion shares, the broad market is likely to remain sluggish with rotational play on penny stocks.

Overnight, the Dow rose +181.19 points or +1.41% to close at 12,986.58. Today, the FBM KLCI is likely to trade within a range of 1,587 to 1,611.

This week's expected range: 1570 – 1630
Today’s expected range: 1587 – 1611

Resistance: 1605, 1608, 1611
Support: 1587, 1590, 1595

Stocks to watch: JOHOTIN, BRAHIMS, OLDTOWN

FBM KLCI - lower on correction

Stocks on Bursa Malaysia ended broadly lower in cautious trade yesterday against a backdrop of negative global economic conditions. External factors, including the weaker performance on Wall Street and renewed concerns over the Eurozone debt crisis, affected investor sentiment across the region. The benchmark FBM KLCI declined 15.08 points or 0.95% to close at 1,574.83 after opening 4.61 points lower at 1,585.30. Decliners led advancers by 476 to 283 while 314 counters were unchanged. Total volume rose to 1.742 billion valued at RM2.03 billion from 1.288 billion shares valued at RM1.792 billion on Tuesday.

Taking cue from the weak performance of Wall Street overnight, the FBM KLCI opened with a down gap of 4.61 points at 1,585.30 and slid lower to the intra-day low of 1,572.43 within the first half and hour after opening, losing 17.48 points at its worst. The key index rebounded but continued to stay in the negative territory. Chart-wise, the FBM KLCI formed a bearish black candlestick with a downside break away gap which indicates great fear in action, and this served to confirm the top reversal signals appeared two days ago. The key index is likely to further correct itself with an immediate downside support at 1,571 provided by the 10-day SMA.

MACD hooked downward, indicating a pulled back in the upward momentum. Nevertheless, as it is still above the signal-line, the currently weakness may just be part of a correction. RSI (14) plunged to 61.1 from 74.2 a day earlier, indicating the short term relative strength has reduced to bullish from the very bullish state two days ago. Stochastic hooked downward to 77.3 and has crossed below the slow stochastic line, indicating the possible beginning of a short term down cycle. Readings from the indicators showed that the FBM KLCI is experiencing a correction but the bullish undertone was unchanged.

The FBM KLCI has closed below the 5-day SMA, indicating a pullback is in action. However, it is still above the 10-day SMA which may provide support to the correction. Nevertheless, the general trend of the FBM KLCI still remained up. Immediate downside support zone is at 1,572 to 1,567 while the overhead resistance zone is at 1,585 to 1,595. The general market is likely to continue to consolidate. Nevertheless, this might present a buying opportunity for quality stocks as the FBM KLCI is likely to continue its uptrend after the correction.

Overnight, the Dow rose +78.18 points or +0.61% to close at 12,837.33. Today, the FBM KLCI is likely to trade within a range of 1,556 to 1,598.

This week's expected range: 1527 – 1622
Today’s expected range: 1556 – 1598

Resistance: 1583, 1591, 1598
Support: 1556, 1564, 1569

Stocks to watch: HWGB, NICORP, BRAHIMS