FTSE Bursa Malaysia KLCI (.KLSE) off 2020 on a positive note

FTSE Bursa Malaysia KLCI (.KLSE) off 2020 on a positive note

FTSE Bursa Malaysia KLCI (.KLSE) off 2020 on a positive note

Bursa Malaysia kick-started the New Year on a positive note, as bargain hunters emerged on beaten-down stocks, said a dealer.

At 10.30 a.m. today, there were 407 gainers, 213 losers and 324 counters traded unchanged on the Bursa Malaysia.

The FBM-KLCI was at 1,596.05, up 7.29 points, the FBMACE was at 5,321.96, up 95.37 points, and the FBMEmas was at 11,374.61, up 51.12 points.

Turnover was at 862.095 million shares valued at RM458.219 million.

Turnover amounted to 136.31 million shares worth RM66.94 million.

The market was closed on Wednesday for New Year.

The dealer said the local market was also tracking the strong performance of US markets on new year’s eve, which saw its three key benchmarks ended 0.3 per cent higher.

“Market participants also reacted positively towards the US President Donald Trump’s tweet that the signing of the phase-one trade deal with China would take place on Jan 15, 2020,“ he said.

Meanwhile, Maybank Investment Bank Bhd Research expected the FBM KLCI to range between 1,580 and 1,610 today.

“Downside supports are at 1,585 and 1,572,“ it said in a note today.

Among heavyweights, Public Bank rose 14 sen to RM19.58, CIMB and Maxis bagged five sen each to RM5.20 and RM5.37 respectively, IOI Corporation added six sen to RM4.67 and Petronas Gas was 18 sen better at RM16.80.

Of the actives, Bright Packaging garnered 10.5 sen to 49 sen, TDM and Avillion gained 1.5 sen each to 43.5 sen and 15.5 sen respectively, while JCY International accumulated one sen to 32.5 sen.

Top gainer, KLK climbed 24 sen to RM25.04, while top loser, Carlsberg fell 22 sen to RM29.00.

The FBM Emas Index increased 30.30 points to 11,353.79 and the FBM Emas Shariah Index was 27.99 points higher at 11,975.91.

The FBMT 100 Index increased 29.07 points to 11,143.62, the FBM 70 strengthened 23.20 points to 14,230.01 but the FBM Ace was 4.67 points lower at 5,221.92.

Sector-wise, the Industrial Products and Services Index ticked up 0.39 of-a-point to 153.79, the Financial Services Index improved 45.90 points to 15,510.07 and the Plantation Index advanced 59.06 points to 7,792.43.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 1,593.36.

The projected upper bound is: 1,628.95.

The projected lower bound is: 1,577.31.

The projected closing price is: 1,603.13.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 40.5427. This is not an overbought or oversold reading. The last signal was a sell 3 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 55.40. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 56 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 28. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 12 period(s) ago.

Rex Takasugi – TD Profile

FTSE BURSA KLCI closed up 13.740 at 1,602.500. Volume was 29% below average (neutral) and Bollinger Bands were 59% wider than normal.

Open     High      Low     Close     Volume___
1,590.9801,603.7201,590.9801,602.500 69,876,496
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 1,604.45 1,588.39 1,617.56
Volatility: 16 10 9
Volume: 82,602,240 95,848,440 108,540,192

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FTSE BURSA KLCI is currently 0.9% below its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .KLSE (mildly bullish). Our trend forecasting oscillators are currently bullish on .KLSE and have had this outlook for the last 6 periods.

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