FBM KLCI - higher on last minute push

Stocks on Bursa Malaysia ended sharply higher yesterday, boosted by strong gains in telco heavyweights on market talk on the introduction of fifth-generation wireless technology, and a last-minute buying of index-linked telco stocks pushed the benchmark index to close at the highest point of the day. Of the telco heavyweights, Axiata soared 48 sen to RM6.85, DiGi rose 10 sen to RM5.50, and Maxis climbed 53 sen to RM7.20. The FBM KLCI rose 21.05 points or 1.22% to close at 1,744.19, after fluctuating between 1,714.82 and 1,744.19 throughout the day. Losers led gainers by 465 to 324 with 333 counters unchanged. Total volume rose to 1.32 billion units valued at RM1.25 billion from 1.68 billion units valued at RM2.01 billion on last Friday. Read more >>

FBM KLCI - higher in response to Fitch's positive rating

Stocks on Bursa Malaysia closed on a firm note in buoyant trading yesterday with the benchmark index surging higher as the market reacted positively to the “stable” outlook status accorded by Fitch Ratings on the Malaysian economy. The US-based ratings agency affirmed Malaysia’s long-term foreign currency rating at “A-” and revised upwards its outlook to “stable” from “negative”. At close, the FBM KLCI stood at 1,727.96, up by 21.32 points, or 1.25%, after moving between 1,709.77 and 1,737.67 throughout the day. Market breadth was positive with gainers thumping losers by 678 to 192, with 251 counters unchanged. Total volume firmed to 1.94 billion units worth RM2.17 billion from Tuesday’s 1.75 billion units worth RM2.25 billion. Read more >>

FBM KLCI - rebounded to close marginally higher

Stocks on Bursa Malaysia rebounded yesterday to end on a firmer note after two consecutive days of losses. The rebound was in tandem with regional markets, also bolstered by a favorable comment by US Federal Reserve chairman nominee Janet Yellen. The FBMKLCI ended 1.71 points or 0.10% higher at 1,784.2, after hovering between 1,780.54 and 1,790.03 throughout the day. Advancers overwhelmed decliners by 503 to 281, with 340 counters unchanged. Turnover fell to 1.541 billion shares worth RM1.789 billion against Wednesday's 2.245 billion shares worth RM2.218 billion. ...Read more>>

FBM KLCI - closing above 1,800

Stocks on Bursa Malaysia ended firmer yesterday, supported by strong buying interests in mid-capitalized (mid-cap) stocks, in line with regional performance. Elsewhere, most regional bourses were up with Hong Kong's Hang Seng surged 98.05 points to 23,438.5, Singapore Straits Times added 4.31 points to 3,197.21 and Japan's Nikkei 225 rose 132.03 points to 14,693.57. The FBMKLCI closed 3.02 points or 0.17% higher at 1,802.61, after moving between 1,797.14 and 1,803.46. Advancers led decliners by 434 to 287 while 340 counters were unchanged. Total volume improved to 1.756 billion shares valued at RM1.385 billion from last Friday's 1.491 billion shares valued at RM2.037 billion. ...Read more>>

FBM KLCI - likely to stay range-bound

Stocks on Bursa Malaysia closed firmer last Friday, with gains mostly seen in banking and oil and gas counters. The local market was traded in a "relief rally" as sentiment was up on positive reaction to signs that the US lawmakers were moving toward an agreement to increase the debt ceiling and avoid a default. The FBM KLCI rose 9.83 points or 0.55% to 1,785.75, after fluctuating between 1,788.99 and 1,783.53 throughout the day. On a weekly basis, the FBM KLCI rose 9.19 points from previous Friday's 1,776.56. Market breadth was positive with gainers trouncing losers by 480 to 282, and 319 counters were unchanged. Turnover slipped to 1.825 billion shares worth RM1.608 billion from 1.86 billion shares worth RM1.566 billion on Thursday. Weekly volume slipped to 8.34 billion shares valued at RM7.25 billion from previous week's 8.94 billion shares valued at RM8.33 billion. ...Read more>>

FBM KLCI - likely to stay range-bound

Stocks on Bursa Malaysia closed higher last Friday, bolstered by gains in heavyweight blue-chips and improved sentiments amid positive local corporate news. The FBM KLCI gained 5.19 points or 0.29% to 1,776.56 after hovering between 1,769.77 and 1,779.02 throughout the day. On a weekly basis, the benchmark index gained 0.4 of a point from previous Friday's 1,776.16. Advancers led decliners by 345 to 344, with 352 counters unchanged. Turnover fell to 1.58 billion shares worth RM1.44 billion from 1.84 billion shares worth RM1.29 billion recorded on Thursday. Weekly turnover stood at 8.944 billion shares valued at RM8.325 billion, against previous week's 10.636 billion units worth RM9.179 billion. ...Read more>>

FBM KLCI - lower in line with regional

Stocks on Bursa Malaysia closed slightly lower on Tuesday, weighed down by losses in selected heavyweight counters in line with weak performance of most regional markets with Japan's Nikkei 225 inched down 0.07% to 14,732.61 and Hong Kong's Hang Seng Index was 0.82% lower at 23,179.04. The benchmark FBM KLCI shed 3.88 points or 0.22% to 1,792.48 after hovering between 1,785.41 and 1,792.48 throughout the day. Losers led gainers by 388 to 372, with 287 counters unchanged. Turnover rose to 1.92 billion shares worth RM1.85 billion from 2.13 billion shares worth RM1.78 billion on Monday. ...Read more>>

FBM KLCI - in bullish mode

Stocks on Bursa Malaysia closed higher last Friday amid positive global sentiment following the US Federal Reserve's decision to leave the stimulus program intact. The FBM KLCI rose 8.92 points or 0.50% to 1,801.83 after hovering between 1,794.81 and 1,805.15 throughout the day. Week-on-week, the key index gained 31.03 points or 1.73% from previous Friday's 1,770.80. Gainers led losers by 445 to 350, with 284 counters unchanged. Turnover rose to 2.39 billion shares worth RM2.44 billion against Thursday's 1.94 billion shares, worth RM2.73 billion. ...Read more>>

About Hibiscus Petroleum, HIBISCS (5199)

Share prices of Hibiscus Petroleum and its warrant rose on Friday on talk of oil find by a company it has stake in. Hibiscus's share rose RM0.39 to RM2.02, while its warrant, Hibiscs-wa, rose RM0.33 to a limit up level of RM1.39. ...Read more>>

FBM KLCI - higher after Fed keeps stimulus

Stocks on Bursa Malaysia closed higher yesterday after the US Federal Reserve unexpectedly announced its decision not to scale back its stimulus program until the economy improves further. The market tracked regional sentiment as investors cheered the news which assured that fund flows into the emerging markets would continue in the short-term. The FBM KLCI jumped 21.51 points or 1.21% to 1,792.91 after hovering between 1,787.38 and 1793.94 throughout the day. Gainers thrashed losers by 701 to 162, with 247 counters unchanged. Turnover rose to 1.94 billion shares, worth RM2.73 billion, from Wednesday's 1.43 billion shares worth RM1.48 billion. ...Read more>>

FBM KLCI - lower on continued profit-taking

Stocks on Bursa Malaysia closed mixed yesterday with the FBM KLCI closed marginally lower on mild selling activities amid weaker external sentiment. The market was volatile throughout the day, moving sideways below the 1,800 level, amid bearish regional bourses on concerns over the global economic outlook. Asian stocks fell on uncertainty over when the United States Federal Reserve would start to scale back its monetary stimulus programme which had spurred growth in Asian economies, especially emerging countries. The FBM KLCI ended 1.52 points or 0.08% lower at 1,792.21 after moving between 1,791.23 and 1,797.17 throughout the day. Gainers led losers by 418 to 381 with 320 counters unchanged. Total turnover increased to 2.41 billion shares, worth RM2.07 billion, from Wednesday's 2.2 billion shares, valued at RM1.7 billion. ...Read more>>

FBM KLCI - trend reversed up

Stocks on Bursa Malaysia closed broadly higher yesterday with the FBM KLCI closed at a two-week high, as market players sought large caps with better values in a reporting season. On regional markets, Asian stocks posted solid gains led by Japan's Nikkei stock index on hopes for more monetary stimulus by the Japanese Government that would pull markets up elsewhere. The FBM KLCI rose 10.52 points or 0.59% to 1,795.09 after moving between 1,784.46 and 1,796.29 throughout the day. Gainers more than doubled losers by 555 to 241, with 289 counters unchanged. Total turnover firmed to 1.99 billion shares worth RM1.86 billion from 1.59 billion shares worth RM1.7 billion on Monday. ...Read more>>

FBM KLCI - the bulls were in control

Stocks on Bursa Malaysia closed higher yesterday as the market moved into positive territory in the late afternoon session in tandem with advances in regional markets. Market sentiment was boosted by expectations of stimulus measures by central banks globally to boost economic growth. The benchmark FBM KLCI advanced 6.58 points or 0.40% to a new-all-time-high of 1,652.90. Advancers outnumbered decliners by 362 to 349 while 325 counters were unchanged. Turnover increased to 1.015 billion shares worth RM1.255 billion from 982.567 million shares worth RM1.226 billion on Monday. Read more...

FBM KLCI - appearance of top reversal signal

Stocks on Bursa Malaysia closed mixed yesterday in line with poor performances in the regional markets spooked by recent reports of weak economic outlook for major economies. The benchmark FBM KLCI, however, was up 0.96 of a point to 1,646.32 after hitting a new all-time intra-day high of 1,650.42. Decliners outnumbered gainers by 421 to 321 while 349 counters closed unchanged. Turnover decreased to 982.567 million shares worth RM1.226 billion from 1.229 billion shares worth RM1.544 billion last Friday. Read more...

FBM KLCI - higher on follow through buying

Stocks on Bursa Malaysia closed higher yesterday on continuous follow-through buying in selected heavyweights and blue-chips, pushing the benchmark index to close at its highest level of the day, helped by gains mostly seen in Maybank, Genting Malaysia and Genting. The FBM KLCI gained 6.6 points or 0.40% to 1,642.52 after opening 0.25 of a point lower at 1,635.67 and recorded an intra-day low of 1,635.59. Losers led gainers by 379 to 332 while 348 counters closed unchanged. Total turnover dropped to 884.651 million shares worth RM1.348 billion compared to yesterday’s closing of 1.232 billion shares worth RM1.756 billion. Read more...

FBM KLCI - in consolidation mode

Stocks on Bursa Malaysia ended marginally higher in mixed trading yesterday bolstered by gains seen in selected heavyweights led by Petronas Gas and Tenaga. The uncertainty over the outcome of the ECB meeting later yesterday and the lack of fresh stimulus by the US Fed kept some investors on the sideline. The FBM KLCI was 0.98 point higher at 1,633.45 after moving between 1,630.43 and 1,635.43. Losers led gainers by 465 to 303, while 346 counters closed unchanged. Volume eased to 1.175 billion shares worth RM1.647 billion from 1.354 billion shares valued at RM1.864 billion on Wednesday. Read more...

FBM KLCI - lower on profit-taking after hitting fresh high

Stocks on Bursa Malaysia closed mixed yesterday with the FBM KLCI closed slightly lower on profit taking after the recent hike. At close, the key market barometer slipped 0.4 of a point to 1,644.6 after opening 0.46 of a point higher at 1,645.6, and it hit a new record intra-day high of 1,647.94. Advancers led decliners by 389 to 378 while 357 counters closed unchanged. Total volume declined to 1.109 billion shares valued at RM1.591 billion from Wednesday’s 1.13 billion shares, valued at RM1.46 billion.

Taking cue from the strong performance of Wall Street overnight, the FBM KLCI opened 0.46 point higher at 1,645.46 and rallied to a new record intra-day high of 1,647.94 within the first thirty minutes of trading, thereafter, heavy profit-taking activity set in and pressed the key index lower to end near the intra-day low. Chart-wise, the FBM KLCI formed a bearish black inverted hammer candlestick, which is a top reversal candlestick formation when it occurred at a high level, and hence, the FBM KLCI is likely to take a breather to consolidate itself after charting new high continuously for the past few sessions. Immediate overhead resistance zone is at 1,648 to 1,650 while the downside support zone is at 1,640 to 1,632.

MACD was higher but its histogram turned slightly shorter, indicating a slow down in the upward momentum, and nevertheless, the momentum is still bullish. RSI (14) hooked downward slightly to 75.7 from 76.1 previously, reflecting the mild profit-taking activity and the short term relative strength is still in the very bullish state. Stochastic also hooked downward to 91.6 but is still above the slow stochastic line, reflecting the mild pullback in the key index. Readings from the indicators showed that the FBM KLCI is experiencing a pullback after the recent hike, and is likely to consolidate itself.

The broad trend of the FBM KLCI remained up and bullish, and the mild pullback yesterday is viewed as a healthy correction after many days of scaling new high, and the correction is expected to be shallow and provide opportunities to buy into weakness for quality shares. The benchmark index is likely to consolidate as it is coming to the weekend. However, as the underlying trend is still strong, the benchmark index is expected to re-test the recent high after the correction is over, and our short term target of 1,661 stay.

Overnight, the Dow rose +34.66 points or +0.27% to close at 12,943.36. Today, the FBM KLCI is likely to trade within a range of 1,639 to 1,652.

This week's expected range: 1600 – 1650
Today’s expected range: 1639 – 1652

Resistance: 1647, 1650, 1652
Support: 1639, 1641, 1643

Stocks to watch: HIBISCS, SKPETRO,  PERDANA, MNRB, UOADEV, SCOMIMR

FBM KLCI - closing at another record high

Stocks on Bursa Malaysia closed on a firm note again yesterday, buoyed by persistent buying interests in selected blue-chips. The benchmark FBM KLCI rose 5.16 points or 0.32% to a high of 1,629.45 after opening 3.23 points lower at 1,621.06. The index touched an intra-day high of 1,632.15. Gainers led losers by 406 to 364 while 340 counters were unchanged. Turnover rose to 1.34 billion shares worth RM2.49 billion from Tuesday’s 1.13 billion shares worth RM1.54 billion.

Taking cue from the weak overnight performance of Wall Street, the FBM KLCI opened 3.23 points lower at the intra-day low of 1,621.06 and rebounded to move higher gradually for the rest of the day. The key index hits another new record intra-day high of 1,632.15 at mid afternoon but the rise could not sustained and retreated on heavy profit taking activity. Chart-wise, the FBM KLCI formed a bullish white candlestick which indicates the bulls were still in control, and may attempt to move higher today.

MACD and its histogram are both higher, indicating a continued increased in the upward momentum. RSI (14) was higher at 72.1, indicating a very bullish state of the FBM KLCI but is short term overbought, and a pullback is likely to happen. Stochastic, on the other hand, has turned downward to 96.4 from 99, and has crossed below the slow stochastic line, indicating a pullback correction might take place anytime. Readings from the indicators showed that the FBM KLCI is in a very bullish state but is short term overbought, and is poised for a correction.

The FBM KLCI is currently in a bullish uptrend as it is staying above all the moving averages. However, it has hit onto the middle resistance trend line of the uptrend channel and pullback below it. If the key index is able to close above this resistance trend line, then it has a strong likelihood of moving higher to the upper trend line region which is now at 1,690 to 1,700. Immediate overhead resistance is now at 1,632, and if the benchmark index can breakthrough this resistance level convincingly, it might climb to the next target level of 1,641. Nonetheless, chances that the FBM KLCI may pullback on correction is becoming higher as it has risen for the past eight out of ten sessions and the stochastic oscillator has shown that weakness is surfacing.

Overnight, the Dow fell -48.59 points or -0.38% for the fifth consecutive sessions to close at 12,604.53. Today, the FBM KLCI is likely to trade within a range of 1,611 to 1,643.

This week's expected range: 1585 – 1641
Today’s expected range: 1611 – 1643

Resistance: 1634, 1639, 1643
Support: 1611, 1616, 1622

Stocks to watch: REDTONE, MALTONE, HIBISCS, KFIMA, JOHOTIN, SCOPE, KINSTEEL

FBM KLCI - Higher for the sixth consecutive sessions

Stocks on Bursa Malaysia ended mixed yesterday despite the weaker regional markets on mounting fears that Europe’s debt crisis may affect bigger economies such as Spain and Italy. Gains in plantations and banking stocks helped the FBM KLCI to close 5.5 points, or 0.35% higher at 1,580.67 after opening 3.39 points lower at 1,571.78. Losers led gainers by 375 to 343 while 310 counters were unchanged. Turnover rose to 1.24 billion shares worth RM2.9 billion from 920.86 million shares worth RM920.86 million on Wednesday.

Taking cue from the weak performance of Wall Street overnight, the FBM KLCI opened 3.39 points lower at 1,571.18 and slipped to the intra-day low of 1,569.99, losing 5.18 points at its worst. The key index then rebounded to gradually moves higher to hit the intra-day high of 1,582.03 before closing off high. Chart-wise, the FBM KLCI formed a bullish white candlestick which continues its current uptrend and closed right above the 50 and 60-day SMA resistance at 1,579. With this bullish up move, the FBM KLCI is likely to climb higher to challenge the next target of 1,591, and if the key index is able to close above the 1,591-point level, the current short term downtrend is considered reversed.

MACD continued to climb higher and so is the histogram, indicating continued gain in the upward momentum. RSI (14) was higher at 57.5, indicating a continued improvement in the short term relative strength to a mildly bullish state. Stochastic was also higher at 76.6, indicating a continuation of the up cycle and improvement of the market strength. Readings from the indicators showed that the FBM KLCI is gradually turning bullish, and hence might move higher.

The trend of the FBM KLCI has turned up as the key index is now closing above all the short, medium and long term moving averages, and it has also broke above the upper resistance trend line of the downtrend channel. The next higher target of the FBM KLCI is the 1,591 resistance level which is an important level to watch.

Overnight, the Dow fell -26.41 points or -0.21% to close at 12,393.45. Today, the FBM KLCI is likely to trade within a range of 1,561 to 1,594.

This week's expected range: 1517 – 1573
Today’s expected range: 1561 – 1594

Resistance: 1586, 1590, 1594
Support: 1561, 1565, 1573

Stocks to watch: HIBISCS, HIBISCS-WA, MUDAJYA, YINSON

FBM KLCI - higher in line with regional market

Share prices on Bursa Malaysia ended higher yesterday in tandem with the positive sentiment in Asian stock markets, as opinion polls in Greece showed the pro-bailout conservative party held the lead in next month’s national elections, and was largely viewed as critical to keeping Greece in the Eurozone. The FBM KLCI closed 3.82 points or 0.25% higher at 1,554.94 after opening 5.7 points lower at 1,545.42. Gainers led losers by 412 to 276 while 322 counters were unchanged. Turnover decreased to 735.85 million shares, worth RM897.64 million, from 875.54 million shares, valued at RM1.18 million, transacted on Friday.

Taking cue from the weak performance of Wall Street last Friday, the FBM KLCI opened with a down gap of 5.7 points lower at 1,545.42 and slipped to the intra-day low of 1,544.63 and stabilized, it then rebounded and moved higher for the rest of the day to hit the intra-day high of 1,556.69 before pulling back to close off high. Chart-wise, the FBM KLCI formed a bullish engulfing candlestick which showed the bears were initially in controlled but later the bulls took over and pushed the key index to close near the high of the day. With such strong price action yesterday, the FBM KLCI is likely to continue its upward momentum to climb higher today. Immediate overhead resistance is at 1,556 to 1,566 while the immediate downside support zone is at 1,544 to 1,540.

MACD continued to climb higher and its histogram was shorter upward, indicating continued improvement in the key index’s momentum. Nonetheless, as the MACD is still below the zero-line and the signal-line, current up move is still being viewed as a technical rebound in a bear trend. RSI (14) was higher at 44.8 from 42.6 previously, indicating a continued improvement in the short term relative strength. Stochastic oscillator also continued to climb higher to 38.5, indicating a continuation in the short term up cycle and improvement of market strength. Readings from the indicators showed that the FBM KLCI is gradually gaining its upward momentum. However, the overall picture is still bearish bias for the time being.

The short term trend of the FBM KLCI has turned up as the key index is now closing above the 5 and 10-day SMA, and it might continues its current momentum to challenge the higher resistance level at 1,566, and a close above the 1,566-point level would see the FBM KLCI moving into the bullish zone. The medium term trend is still down while the long term trend remained up, as the key index continued to close above the long term 120-day SMA for the last three days. As the school holiday starts, the overall market is expected to remain quiet for the coming two weeks, and this is reflected by the very low turnover for the last few sessions.

US market was closed for the Memorial Day holiday yesterday. Today, the FBM KLCI is likely to trade within a range of 1,535 to 1,569.

This week's expected range: 1517 – 1573
Today’s expected range: 1535 – 1569

Resistance: 1560, 1565, 1569
Support: 1535, 1540, 1547

Stocks to watch: HIBISCS, MUDAJYA, SUNWAY,  WCT, MBSB