Weekly wrap of KLCI:
In
the beginning of the week market lost almost 60 points, which has
been recovered in the remaining trading days of the week.
The
FBM KLCI index gained 16.04 points or 0.94% on Friday. Finance Index
increased 0.95% to 15273.77 points, Properties Index up 2.06% to
1284.23 points and Plantation Index rose 0.66% to 7477.66 points.
Market traded within a range of 14.31 points between an intra-day
high of 1720.78 and a low of 1706.47 during the session.
The
KLCI jumped 16.04 points to end the last trading day of the week at
1715.99, tracking the overnight surge in Wall Street following the US
Federal Reserve’s upbeat assessment of the US economy and promise
to take a “patient” approach toward raising interest rates. The
bullish trend in our benchmark index is supported by buying in
heavyweight counters such as Astro, Petronas-linked counters and
Tenaga.
KLCI Weekly Wrap
Open: 1706.47
High:
1720.78
Low: 1706.47
Close: 1715.99
Change
(in Points): -17.0
%Change:
-0.98%
Market
has formed a long legged Dogi this week, which is showing indecision
moreover prices has been pulled up, so it is anticipated that market
could be bullish by the year ending.
Technical
indicators:
RSI
for this week is 28.616 with CCI at -250.071. Besides, difference
line of MACD (26.454) stood below its signal line (13.727).
Weekly Technical view on KLCI
Support 1: 1742
Support
2: 1717
Support 3: 1685
Resistance
1:
1789
Resistance
2:
1805
Resistance
3:
1825
ECONOMIC
FACTORS:
- INDICES OPENING: FBMKLCI: 1,706.47 (+ 6.52), INDUSTRIAL: 3,082.47 (+ 3.03), CONSUMER PRODUCT: 542.94 (+ 2.13), INDUSTRIAL PRODUCT: 122.50 (+ 0.57), CONSTRUCTION: 271.40 (+ 0.53), TRADING SERVICES: 225.06 (+ 1.26), FINANCE: 15,248.85 (+119.46), PROPERTIES: 1,270.07 (+ 11.73), PLANTATIONS: 7,490.34 (+ 61.45), MINING: 506.61 ( unch), TECHNOLOGY: 16.49 (+ 0.24).
- The ringgit opened lower today against the US dollar and mixed against other major currencies. The ringgit was quoted at 3.4720/4750 against the US dollar from 3.4620/4650 recorded at 5 pm yesterday.
- Bursa Malaysia’s bearish mood was lifted yesterday, with the benchmark index gaining nearly 20 points after the United States central bank announced a “patient” stance on rate hike.
- The United States Federal Reserve made no changes to its monetary policy yesterday, saying it can remain “patient” before moving to raise interest rates and normalizing its easy-money stance, it would begin raising interest rates only in the middle of next year, downplaying thoughts that it might come earlier than that because of the strength of the US economy.
- IOI Properties Group Bhd is confident its plan to buy a 37.17 per cent stake in Taipei Financial Centre Corp (TFCC) for RM2.74 billion will get the nod from the Taiwanese government as it does not have China-related participation.
- Leisure and hospitality-based Only World Group Holdings Bhd (OWG) closed at a slight premium of 3.5 sen over its 88 sen offer price following its debut on Bursa Malaysia yesterday. The stock opened flat at 88 sen with its first traded volume standing at 1.94 million shares, before closing at 91.5 sen. OWG’s initial public offering (IPO) entailed a public issue of 56.41 million new shares.
- 6% Goods and Services Tax (GST) will not have any material impact on Malaysian real estate investment trusts (REITs).
- Shares of Genting Malaysia fell nearly three per cent yesterday after its unit, RW Orange Country LCC, failed to win a casino licence in New York.
- The physical price of gold stood at RM129.69 per gramme, up 25 sen from RM129.44 at 5pm yesterday.
- Tenanga Nasional Bhd (TNB) is assessing the impact of the falling ringgit and global oil prices on its operations and finances as it finalises its first-quarter results.
- The retail price of RON95 petrol and diesel may go below RM2 a litre from Jan 1, if global oil prices continue the downtrend.
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