Last Friday's profit-taking dip on the FBM KLCI was likely sparked by traders reducing exposure on Malaysia, in favour of rallying North Asian markets triggered by the recent spate of significant stimulus measures from China to boost its floundering domestic economy. As a consequence of the fall, short-term technical momentum has somewhat deteriorated, implying further near-term correction potential. Nonetheless, bargain hunting interest should increase on any weakness given the underlying optimism over sustained ringgit strength amid expectation for further interest rate cuts by key global central bankers, which would continue to attract foreign fund inflows.
Immediate index resistance will be at the recent high of 1,675, with the next high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels. Immediate support is retained at 1,650, with the recent correction low of 1,633, and 1,620 and then 1,600 acting as stronger supports.
On stock picks for this week, key banking, telco and rubber glove counters should again attract bargain hunters for recovery upside, following recent profit-taking corrections as longer-term upside potential remain bright.
Source: TA Research - 30 Sept 2024
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HTPADU2024-10-25
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OBHB2024-10-25
PGB2024-10-25
PGBCreated by sectoranalyst | Nov 05, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024
Created by sectoranalyst | Nov 04, 2024