Bursa Malaysia Stock Watch
Market to remaim lacklustre: HLG Research
kltrader
Publish date: Thu, 09 Sep 2010, 11:14 AM
kltrader
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KUALA LUMPUR: HLG Research expects the FBM KLCI to remain lacklustre and within a tight trading range for the half-day trading session on Thursday, Sept 9.
HLG Research said on Thursday, Sept 9 the current consolidation will likely continue next week in another holiday-shortened week (closed on Sept 16 for Malaysia Day), as investors adopt a wait-and-see strategy in the short term after the recent strong surge.
It said on the upside, the benchmark must penetrate above the recent high of 1,441.8 with a stronger volume of around 1.0 billion shares to restore its bullish momentum towards 1,450, followed by 1,472 (76.4% FR from top 1,525 and low of 1,300).
Major support levels are situated around 1,425 (10-day SMA), 1402 (20-day SMA) and 1,388 (30-day SMA).
For Wall Street, the Dow Jones Industrial Average is likely to trade range bound within 10,000 to 10,500 in the near term ahead of the major FOMC meeting on Sept 21 and the September quarterly reporting season.
HLG Research said on Thursday, Sept 9 the current consolidation will likely continue next week in another holiday-shortened week (closed on Sept 16 for Malaysia Day), as investors adopt a wait-and-see strategy in the short term after the recent strong surge.
It said on the upside, the benchmark must penetrate above the recent high of 1,441.8 with a stronger volume of around 1.0 billion shares to restore its bullish momentum towards 1,450, followed by 1,472 (76.4% FR from top 1,525 and low of 1,300).
Major support levels are situated around 1,425 (10-day SMA), 1402 (20-day SMA) and 1,388 (30-day SMA).
For Wall Street, the Dow Jones Industrial Average is likely to trade range bound within 10,000 to 10,500 in the near term ahead of the major FOMC meeting on Sept 21 and the September quarterly reporting season.
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