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Market Overview

MARKET AT A GLANCE

  • Malaysia
  • Regional
04 Dec
09:59 am

From a technical perspective, the FBMKLCI continued its impressive recovery after penetrating above the previous immediate resistance of 1,617 and closed higher at 1,628.26 yesterday.

The bullish crossover in MACD and an uptick in DMI suggest buying pressure has started to gain traction, which could lead to further upside in the near term. We expect the index to continue the bullish momentum towards the resistance level of 1,650 in the near term.

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02 Dec
09:44 am

Based on the daily chart, a positive move created by another positive closing would confirm the reversal signal yesterday.

Our expectation of near-term weakness was overturned by yesterday’s gains. We opine that the previous few consecutive days of correction was overdone; thus yesterday’s gain could kick-start a reversal and absorb selling pressure. Overall, we expect the FBMKLCI to hover in the range of 1,580-1,617 for the time being, and violation of either limit would spark a follow-through.

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01 Dec
09:06 am

Based on a daily candlestick analysis, the FBMKLCI did not start the week on a positive note and closed lower at 1,56.71 yesterday.

The FBMKLCI continued to form lower highs and lower lows on yesterday’s movement, given the lack of domestic catalysts to bring the index back to its prior trend. This is further reinforced by the downtick in the RSI, which suggests that buying momentum would continue to ease over the next few days. As such, we expect the index to resume its uptrend once the current consolidation phase ends.

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04 Dec
09:59 am

US stocks were higher after the close on Thursday, as gains in the Oil & Gas, Consumer Goods and Industrials sectors led shares higher.

At the close in NYSE, the DJIA gained 0.73% to hit a new all time high, while the S&P 500 index gained 0.35%, and the NASDAQ Composite index climbed 0.58%.

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02 Dec
09:43 am

US stocks were higher after the close on Tuesday, as gains in the Financials, Technology and Utilities sectors led shares higher.

At the close in NYSE, DJIA gained 0.72%, while the S&P 500 index climbed 1.17%, and the NASDAQ Composite index climbed 1.21%.

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01 Dec
09:06 am

US stocks were mixed after the close on Monday, as gains in the Technology, Healthcare and Consumer Services sectors led shares higher while losses in the Oil & Gas, Utilities and Financials sectors led shares lower.

At the close in NYSE, the DJIA lost 1.09%, while the S&P 500 index lost 0.51%, and the NASDAQ Composite index added 0.01%.

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CHARTGENIE