HLBank Research Highlights
Traders Brief - Profit taking to cap further strong gains after rising 31 pts in 5 days
Asian stock markets ended mixed as China’s SHCOMP (-3% toProfit taking to cap further strong gains after rising 31 pts in 5 days and ahead of long Hari Raya holidays
Bursa Malaysia recap
KLCI jumps 6.2pts to record its 5th straight gain
- Asian stock markets ended mixed as China’s SHCOMP (-3% to 3806 and -26.5% from 52-week high) extended its losses for a 2nd day after surging 19.6% to 4035 (13 July) from 3373 (9 July), as a surprisingly strong 2Q15 GDP growth dimmed hopes for more stimulus. Sentiment was also cautious ahead of Greece’s parliament vote on its revised bailout terms.
- Bucking regional markets, KLCI continued its relief rally from 1688 (29 June) to end 6.2 pts higher, spurred by bargain hunting on selected bluechips after recent selldown. However, trading volume declined 12% to 1.31bn as investors remained sideline ahead of the long Raya holidays (market will be closed on 2H 16 Jul and a full day 17 July), nagging uncertainties over political glitches and ongoing probes on 1MDB.
Wall St recap
Dow ends -3 pts on profit taking after rallying 538 pts in four days
- After fluctuating in a tight range within +37 pts and -43 pts range, Dow eased 3 pts to end at 18050, as investors weighed on better-than-expected Bank of America results, Yellen’s semiannual testimony and ahead of Greece bailout vote, which was finally approved this morning.
- Yellen said she expects the economy to grow steadily for the rest of the year and keep the central bank on a path to raise interest rates “at some point this year”. The Fed’s optimism appears to be supported by the Fed’s Beige Book, which indicated the economy kept expanding from mid-May through June.
- After market closed, Intel’s shares jumped 4.3% as earnings topped estimates and management guided a positive 3Q15 outlook.
Profit taking to cap further strong gains after rising 31 pts in 5 days and ahead of long Hari Raya holidays
- The approval of Greece bailout plan this morning could bode well for global markets as “Grexit” overhang uncertainty is removed in the near future (although “Grexit” risk remains in the long term). For Bursa Malaysia, KLCI is likely to trade sideways and trading sentiment is also not expected to improve significantly with lingering political uncertainties and IMDB saga coupled with long Hari Raya holidays.
- Key supports are situated at 1717 (76.4% FR), 1700 and 1685 (9 July low).
- Key resistance levels are 1746 (61.8% FR) and 1769 (50% FR).
Source: Hong Leong Investment Bank Research - 16 Jul 2015
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