The FBMKLCI rose 11.00pt to close at 1,787.95 yesterday amid strong gains in indexlinked counters. Meanwhile, Asian equities were little changed, with gains in emerging markets offsetting declines in developed countries as investors weighed the outlook for global growth and higher interest rates. The MSCI Asia Pacific Index was little changed at 155.25, close to a two-year high, as of 4:46pm in Hong Kong.The FBMKLCI’s top gainers were Hong Leong Financial Group (+4.7%), Hong Leong Bank (+3.5%) and Petronas Gas (+2.3%), while the top losers were Astro Malaysia Holdings (-2.3%), AMMB Holdings (-1.0%) and MISC (-0.8%). In the broader market, gainers outpaced losers 542 to 382 with 353 counters unchanged. Turnover was 2.48b shares valued at RM2.64b. A positive follow-through from the previous gain has placed the FBMKLCI above the BBI line, indicating further gains ahead. Despite treading within the expected range of 1,755- 1,785, the index indicates a positive recovery with a breach of the immediate resistance of 1,787 likely if current momentum persists. The benchmark index has closed above the BBI line, signalling upward continuation from here. We remain upbeat on the overall longterm prospects of the index. Support and resistance levels are as follows:
US stocks closed lower but remained at near-record levels, as downbeat economic data weighed on the prospect of stronger US economic growth. The DJIA closed at 21,118.04, down 0.10%. The UK heads to the polls in the general election, whose outcome has become much less certain of late, after the latest opinion poll predicted that the Conservatives may fall short of the required number of seats for a majority. The S&P 500 closed 0.12% lower while the Nasdaq Composite closed at 6295.98, down 0.64%. Falling stocks outnumbered advancing ones on the NYSE by 2,012 to 1,207 and 47 ended unchanged. On the Nasdaq SE, 1,645 fell and 886 advanced, while 99 ended unchanged.
Source: UOB Kay Hian Research - 6 Jun 2017
Created by UOBKayHian | Aug 26, 2022
Created by UOBKayHian | Feb 24, 2022
Created by UOBKayHian | Dec 13, 2021
Created by UOBKayHian | Jul 12, 2021
Created by UOBKayHian | Jan 29, 2020