CGS-CIMB Research

Bursa Market Outlook: Challenging to Overcome the Resistance

sectoranalyst
Publish date: Wed, 11 Dec 2024, 10:04 AM
CGS-CIMB Research

Asian stock markets finished mixed on Tuesday while Shanghai SECI climbed +0.59% on Politburo pledge. The local benchmark FBMKLCI (KLCI) dropped 2.46pts or 0.15% to end the day at 1,608.97. Utilities (-0.74%) remained as the top laggard followed by telecommunications (-0.50%) and REIT (-0.37%). Conversely, healthcare (+1.77%), construction (+0.97%) and industrial products (+0.88%) were the best performing sectors. Trading volume declined further to 2.74bn (down from 3.02bn previously) whereas trading value improved to RM2.64bn (up from RM2.40bn previously). Market breadth turned slight positive as 534 gainers beat 513 decliners.

The benchmark pared its intraday gains yesterday and sit above the 20-day EMA with a black candle. More sideways chop is likely with the 1,614-1,624 support-turned-resistance level being a tough nut to crack (including the 50-day EMA). As long the index supported above the 200-day EMA and the recent double bottom low at 1,587-1,589, the odds are still in favour of the bulls. Otherwise, any close below these lows would likely signal further weakness is possible thereafter as the downtrend from the 1,675-1,684 highs is extending. The next support is seen at 1,574-1,581 (which includes the Jun24 low) followed by 1,565. NOTE: Our portfolio turns into *risk-on mode* this week.

Gainers: 534
Losers: 513
Unchanged: 562

DOW: 44.247.83 (-0.35%)
S&P500: 6,034.91 (-0.30%)
NASDAQ: 19,687.24 (-0.25%)
FTSE100: 8,280.36 (-0.86%)
DAX: 20,329.16 (-0.08%)
HSI: 20,311.28 (-0.50%)
STI: 3,813.55 (0.49%)
KLCI: 1,608.97 (-0.15%)

USD: 4.4275 (0.05%)
AUD: 2.8309 (-0.69%)
SGD: 3.3004 (-0.14%)
EUR: 4.6628 (-0.28%)
GBP: 5.6467 (-0.09%)
JPY: 2.91358 (-0.41%)
CNY: 0.6107 (0.17%)
HKD: 0.5695 (0.05%)

WTI: 68.59 (0.32%)
Brent: 72.11 (-0.04%)
GOLD: 2,694.25 (1.28%)
3rd MONTH FCPO: 4,951.00 (-3.30%)
Msia 10 yr bond yield: 3.7900 (0.03%)
US 10 yr bond yield: 4.2263 (0.60%)
Bitcoin Futures: 98,265 (0.20%)
Source: Bloomberg

Source: /servlets/staticfile/566724.jsp/servlets/staticfile/566724.jspC/servlets/staticfile/566724.jspG/servlets/staticfile/566724.jspS/servlets/staticfile/566724.jsp-/servlets/staticfile/566724.jspC/servlets/staticfile/566724.jspI/servlets/staticfile/566724.jspM/servlets/staticfile/566724.jspB/servlets/staticfile/566724.jsp /servlets/staticfile/566724.jspR/servlets/staticfile/566724.jspe/servlets/staticfile/566724.jsps/servlets/staticfile/566724.jspe/servlets/staticfile/566724.jspa/servlets/staticfile/566724.jspr/servlets/staticfile/566724.jspc/servlets/staticfile/566724.jsph/servlets/staticfile/566724.jsp/servlets/staticfile/566724.jsp - 11 Dec 2024

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