Last week's recovery from a mid-week selloff on the FBM KLCI confirmed the presence of bargain hunters ready to cushion any severe profit-taking corrections, hence investors should continue to look for bargains on any further falls for oversold rebound ahead. Hopes for a reversal of the recent weak ringgit trend following the government's assurance on its commitment to identify the probable causes, and then implement measures to shore up market confidence and hence strengthen the local currency should aid recovery going forward.
Stronger index supports cushioning downside will be at 1,528, 1,514 and 1,491, the respective rising 30-day, 50-day and 100-day moving averages. Immediate resistance will be from the recent 21-month high of 1,559, followed by 1,580, with stronger upside hurdle seen at the 1,600 level.
As for stocks picks this week, selected oil & gas, semiconductor, telco and utility heavyweights such as Dialog Group, Hibiscus Petroleum, Aemulus, Inari Amertron, Maxis, TM, Sime Darby and Tenaga Nasional should attract investors looking to buy on the cheap for rotational and laggard plays upon recovery ahead.
Source: TA Research - 11 Mar 2024
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YINSONCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024