The FBMKLCI continued to slide by 4.70pt to close at 1,781.37 yesterday. Meanwhile, Asian stocks inched down from their 10-year highs on Thursday following a burst of Chinese data which was largely weaker than market expectations, while the dollar held steady ahead of US inflation data due later in the day. The MSCI Asia Pacific Index fell 0.1%. The FBMKLCI’s top gainers were AMMB Holdings (+3.4%), YTL Corporation (+1.4%) and IHH Healthcare (+0.5%), while the top losers were Westports Holdings (-2.8%), IOI Corporation (-2.2%) and Genting Bhd (-2.0%). In the broader market, losers outpaced gainers 492 to 397 with 342 counters unchanged. Turnover was 1.89b shares valued at RM1.81b. From a technical perspective, no major change was recorded as the index was still trading within our expected range of 1,760-1,790. Positive recovery can be expected if the FBMKLCI can surge past the upper band. We remain cautiously optimistic for the time being as we expect the index to climb higher once the selling pressure eases. Support and resistance levels are as follows:
US stocks were mixed after the close on Thursday, as gains in the utilities, oil & gas and basic materials sectors led shares higher while losses in the consumer services, telecoms and technology sectors led shares lower. At the close in NYSE, the DJIA rose 0.20% to hit a new all-time high, while the S&P 500 index lost 0.11%, and the NASDAQ Composite index fell 0.48%. Rising stocks outnumbered declining ones on the NYSE by 1,619 to 1,480 and 122 ended unchanged; on the Nasdaq Stock Exchange, 1,375 fell and 1,086 advanced, while 171 ended unchanged.
Source: UOB Kay Hian Research - 15 Sept 2017
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