Bursa Malaysia - KLCI Technical Analysis Outlook 23 Sept

Market Review for KLCI:

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 5.86 points to end at 1,840.19 points after moving between 1,832.54 points and 1,842.15 points throughout the day.

Bursa Malaysia finished the day in the red despite the regional bourses bullish performances after positive data for China's factory activity.

In the coming week, the lingering positive sentiment from last week's overnight policy rate would fuel positive market sentiment and support the index to retest the 1,861 resistance level.

KLCI Day Performance
Open	1839.10
High	1842.15
Low	1832.54
Close	1840.19
Change(Points)	-5.86
% Change	-0.32%
Volume	2357.4M
Rise	284
Fall	527
Unch	1541

Market forecast for KLCI:

Market trend is still down and selling pressure seems to be higher

KLCI LEVELS
Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
1820	1805	1780	1857	1878	1895

Technical indicators:

RSI stood below the centre line at 34.215 with its CCI at -152.136. Difference line of MACD performed at -6.606 above its signal line which performed at -4.138. 

Top Gainers			Top Losers
Scrip Name	CMP	%change	Scrip Name	CMP	%change
PPB	14.3	1.56	BAT	68.98	-2.29
MAXIS	6.33	1.12	HLFG	17.42	-1.58
TENAGA	12.28	0.66	IOICORP	4.84	-1.22
TM	6.46	0.62	ASTRO	3.35	-1.18
UMW	12.28	-0.16	FGV	3.51	-1.13

ECONOMIC FACTORS:

• The HSBC China Purchasing Managers' Index (PMI) rose to 50.5 in September from August's final reading of 50.2, beating a Reuters poll forecast of 50.
• Short-term interbank rates closed steady today following Bank Negara Malaysia's (BNM) intervention to absorb surplus liquidity from the financial system.
• The overnight rate stood at 3.21 per cent while the one-, two- and three-week rates stood at 3.26 per cent, 3.30 per cent and 3.34 per cent, respectively.
• Sona Petroleum Bhd, which aims to complete the acquisition of a stake in Salamander Energy plc's unit by year-end, is still awaiting the Securities Commission's (SC) approval.
• Malaysian rubber prices extended their fall at close today, tracking the Shanghai Futures Exchange's (SHFE) downtrend, as more traders remained on the side-lines.
• National oil and gas company Petronas is now actively implementing enhanced oil recovery (EOR) programmes to enhance crude oil production in maturing fileds, with more than 10 EOR projects in the pipeline.
• Scomi Engineering Bhd expects its maintenance, repair and overhaul (MRO) services to provide a steady source of recurring income to further boost development in the upstream segment.
• The world’s biggest Islamic debt offering of 2014 from Malaysia’s sovereign wealth fund will push the nation’s sukuk sales beyond RM50 billion (US$15.4 billion) for only the second time in 16 years.
• Malaysia’s benchmark stock gauge fell to a six-week low as data showed weekly outflows of foreign funds reached the highest level since March.
• BToto reported a higher revenue of RM1.2 billion in the first quarter due to the consolidation of its subsidiary HR Owen’s results, but net profit fell 21 per cent year-on-year (YoY) to RM78.3 million, mainly due to a weak performance from Sports Toto Malaysia, which saw fewer draws in the quarter and higher prize payouts.