Bursa Malaysia Stock Report & KLCI Technical Analysis 29th Dec

Market Review for KLCI:
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 8.34 points to 1,756.1 after opening 6.79 points lower at 1,757.65. After Mid session FBM KLCI gained 1.59 points to 1,766.03, after hovering between 1,753.97 and 1,766.14. Public Bank lost eight sen to RM18.38, while Sime Darby was flat at RM9.31. AirAsia lost 23 sen to RM2.71, AirAsia X declined 4.5 sen to 64 sen and Icon Offshore dropped one sen to 74.5 sen.
KLCI index gained 3.97 points or 0.23% on Monday. Finance Index increased 0.03% to 15720.65 points, Properties Index dropped 0.39% to 1295.11 points and Plantation Index rose 0.25% to 7850.71 points. Market traded within a range of 16.09 points between an intra-day high of 1770.06 and a low of 1753.97 during the session.
FBMKLCI Day Performance
Open: 1757.65
High: 1770.06
Low: 1753.97
Close: 1768.41
Change (in Points): 3.97
%Change: 1.64%
Volume: 1251.7M
Rise: 343
Fall: 376
Unch: 1892
Market forecast for KLCI:
KLCI Trend is up, we may expect it continue the bullish trend. United States 3Q gross domestic product that grew by 5%, helped by consumer spending and business investments, could support Asian stock markets, including Bursa Malaysia.
Technical indicators:
RSI stood below the center line at 53.119 with its CCI at 72.434. Difference line of MACD performed at -13.254 above its signal line which performed at -21.496.
KLCI LEVELS
Support 1: 1720
Support 2: 1700
Support 3: 1670
Resistance 1: 1748
Resistance 2: 1765
Resistance 3: 1790
ECONOMIC FACTORS:

• Shares in AirAsia fell 11.6% after one of its aircraft went missing in bad weather on Sunday on its way to Singapore from the Indonesian city of Surabaya.
  
• The number of companies registered for the Goods and Services Tax (GST) stood at 265,162 as of yesterday, and an increase of 1,720 from Saturday, said the Royal Malaysian Customs Department. The Malaysian Muslim Wholesalers and Retailers Association (Mawar) has asked the government to exempt small timers from the Goods and Service Tax (GST) and impose it only on importers, manufacturers and distributors.
  
• The ringgit opened lower against the US dollar today week on mild profit-taking after closing higher on Friday.
  
• Japan’s cabinet approved US$29 billion (RM101 billion) in fresh stimulus on Saturday for the ailing economy, pledging to get growth back on track and restore the precarious public finances.
  
• Hong Kong’s new home sales are expected to bring record proceeds this year as property developers actively sell new residential projects to raise cash for land.
  
• Gunung Capital Bhd’s unit GPB Corporation Sdn Bhd has secured a RM165 million service contract from the Defense Ministry to provide transportation services for the National Service (NS) trainee program.
  
• The FTSE Bursa Malaysia KLCI futures (FKLI) contracts on Bursa Malaysia Derivatives opened higher with two contract months traded.
  
• Jiankun International Bhd has been appointed as a project management services consultant for a development project in Sepang for fees of RM1 million.