Profit-taking emerged to reverse early gains Wednesday, as investors reduced trading commitments ahead of the Merdeka Day holiday break, but the technology (+1.4%), property (+1.1%) and construction (+0.9%) sectors rose to outperformed the broader market. The FBM KLCI lost 2.5 points to end at the day's low of 1,451.94, off an intra-day high of 1,462.8, as gainers equal losers at 499 on robust trade totaling 4.9bn shares worth RM4.75bn.
Property and construction stocks should continue to shine in the nearterm amid keen anticipation for announcements on key infrastructure projects or stimulus measures to boost the sector, while on the external front, investors will be awaiting the closely watched monthly U.S. jobs data by the end of the week for clues on the health of the US economy. Immediate index resistance remains at the recent 1,464 high and 1,470, with next hurdle from the 1,490/1,500 level, while immediate support stays at the recent low of 1,433, then 1420/1,400.
Maybank will need convincing breakout above the 123.6%FP (RM9.18) to fuel upside momentum and aim for the 138.2%FP (RM9.43), 150%FP (RM9.62) and 161.8%FP (RM9.82) going forward, while downside is capped by uptrend support from the 100-day ma (RM8.77). RHB Bank needs to climb above the upper Bollinger band (RM5.74) to sustain upward momentum towards the 123.6%FP (RM5.90) and 138.2%FP (RM6.06), while the 100-day ma (RM5.50) also provide strong uptrend support.
Source: TA Research - 1 Sept 2023
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WPRTSCreated by sectoranalyst | Sep 30, 2024
Created by sectoranalyst | Sep 30, 2024