While local retail sentiment could stay cautious following the recent multiple limit-down losses on selected small-cap stocks, the assurance from regulators that stock market fundamentals remain strong despite the increased volatility which was restricted to certain stocks should ease jittery investor sentiments. Technically, meanwhile, blue chips should continue to pause for profit-taking breather after the recent run-up to rebuild momentum for uptrend resumption ahead.
As for the index, immediate overhead resistance stays at the 1,500/1,510 zone, which restricted upside in Jan 2023, with next key hurdles seen at 1,520 and 1,550. Key index supports to watch on correction extension will be 1,465 and 1,455, the respective 50-day and 100-day moving averages, with 1,440/1,430 as stronger supports.
On stocks picks for this week, key banking, utility, construction and semiconductor related counters such as Maybank, Public Bank, Sime Darby, TM, Sunway Construction, Globetronics, Unisem and VSI should attract bargain hunters looking for rotational plays ahead.
Source: TA Research - 22 Jan 2024
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SRIDGE2024-09-24
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CAPITALA2024-09-23
YNHPROP2024-09-20
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CAPITALACreated by sectoranalyst | Sep 30, 2024
Created by sectoranalyst | Sep 30, 2024