With the FBM KLCI currently at the highest point in more than a year, and technical indicators reversing into positive mode, it will be crucial for positive domestic catalysts to resurface and sustain further uptrend ahead. Note that recent news flow on infrastructure, such as the proposed high speed rail from KL to Singapore and the Johor/Singapore Special Economic Zone should gain momentum going into February, with the new Agung to be sworn in likely to act as the catalyst to attract stronger investor participation.
For the index, a convincing break above the 1,500/1,510 resistance zone, which capped upside in Jan 2023, should aim for next key hurdles at 1,520 and 1,550. Key chart supports cushioning downside will be at 1,479, 1,471 and 1,459, the respective 30-day, 50-day and 100-day moving averages.
As for stocks picks this week, key gaming, banking and rubber glove related counters such as Genting Berhad, Genting Malaysia, Maybank, Public Bank, Hartalega, Kossan Rubber, Supermax and Top Glove should continue to attract bargain hunters on active rotational plays
Source: TA Research - 29 Jan 2024
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MRCB2024-10-25
PBBANK2024-10-25
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TENAGACreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024