The local blue-chip benchmark climbed to re-test the May high on Monday, with construction and property stocks leading gains, prior to profit-taking which forced it to close off highs. The FBM KLCI rose 10.76 points to close at 1,629.82, off an opening low of 1,619.19 and high of 1,632.69, as gainers led losers 738 to 491 on total turnover of 5.36bn shares worth RM3.95bn.
Local market sentiment should stay buoyant, with gains focused on the construction, property and utility sectors amid optimism over data centre and infrastructure deals, and positive expectations for more US interest rate cuts as inflation eases. Immediate index resistance remains at the May high of 1,632, with 1,640 and 1,660 as tougher upside hurdles, while immediate supports are at 1,606, 1,598 and 1,574, the respective steadily rising 30-day, 50-day and 100-day moving average levels.
Genting Berhad will need sustained strength above the 76.4%FR (RM4.83) for upward extension to challenge the 11/3/24 high (RM5.10), with a confirmed breakout to aim for the 123.6%FP (RM5.38) ahead, while the 200-day ma (RM4.54) and 50%FR (RM4.52) cushions downside. GENM needs decisive breakout above the 61.8%FR (RM2.64) to boost upside momentum towards the 76.4%FR (RM2.72) and re-test the 27/2/4 high (RM2.84), while key retracement support from the 23.6%FR (RM2.44) limits downside risk.
Source: TA Research - 16 Jul 2024
Chart | Stock Name | Last | Change | Volume |
---|
2024-08-28
BIMB2024-08-28
BIMB2024-08-28
BIMB2024-08-28
CITAGLB2024-08-28
CITAGLB2024-08-28
EFRAME2024-08-28
EKOVEST2024-08-28
GENM2024-08-28
GENTING2024-08-28
TECHBASE2024-08-28
UUE2024-08-28
WCT2024-08-28
WCT2024-08-28
WCT2024-08-27
ADVCON2024-08-27
BIMB2024-08-27
BIMB2024-08-27
BIMB2024-08-27
BIMB2024-08-27
BIMB2024-08-27
BIMB2024-08-27
BIMB2024-08-27
BIMB2024-08-27
M&A2024-08-27
WCT2024-08-27
WCT2024-08-27
WCT2024-08-26
BIMB2024-08-26
BIMB2024-08-26
BIMB2024-08-26
M&A2024-08-26
M&A2024-08-23
BIMB2024-08-23
BIMB2024-08-23
BIMB2024-08-23
PTT2024-08-23
PTT2024-08-23
PTT2024-08-22
BIMB2024-08-22
BIMB2024-08-22
BIMB2024-08-22
BIMB2024-08-21
BIMB2024-08-21
BIMB2024-08-21
TECHBASE2024-08-20
BIMB2024-08-20
BIMB2024-08-20
BIMB2024-08-20
GENTING2024-08-20
TECHBASE2024-08-19
BIMB2024-08-19
BIMB2024-08-19
GENTING2024-08-18
EFRAMECreated by sectoranalyst | Aug 28, 2024
Created by sectoranalyst | Aug 28, 2024