HLBank Research Highlights
Traders Brief - Likely to stage a follow-through rebound today
Bursa Malaysia recap
KLCI rebounded 6.22 pts
- Taking cues from the positive performance on US market last Friday, most Asian equities ended higher yesterday after one of the worst weeks of trading since the start of the year. Japanese shares surged on Monday after last week's sharp sell -off, but Chinese stocks had a slow start, trading in the negative territory before retracing some losses after the week-long Lunar New Year holiday.
- In tandem with the rebound in most regional markets, local bourse rebounded by 6.22 pts or 0.38% to close at 1649.96. Market sentiment was also boosted by technical rebound in oil prices. Market breadth was positive with gainers outpacing losers by 497 to 297. Trading volume increased 1.54bn shares worth 1.54bn as compared to las t Friday’s 1.33bn shares worth 1.57bn.
Wall St recap
Dow was down 231 pts wow
- The Dow snapped a five-day losing streak last Friday and logged their largest daily gains so far this month (+2% or 313 pts to 15973).
- Wall St was closed on 15 Feb 2016 due to the President's Day holiday.
KLCI outlook
Likely to stage a follow-through rebound today
- Today, local bourse is expected to stage a follow-through rebound as oil prices rose nearly 2% on Monday on news that ministers from Saudi Arabia, Russia, Qatar and Venezuela would hold a previously unpublicized meeting in Doha this week, adding to speculation of a global output deal .
- However, persistent external headwinds and the ongoing Feb reporting season are likely to weigh on KLCI in the short term, with potential downside risks towards immediate support of 1642 (38.2%), 1622 (15 Dec low), 1615 (50% FR) and 1600 psychological levels. Nevertheless, we remain cautiously optimistic that the 1600 psychological support will be well - defended in the short term despite external headwinds.
- Technically, KLCI is likely to trap in a triangle consolidation unless staging a decisive rebound above the 1674 (23.6% FR) and 1688 (200-d SMA) congested resistance zones.
Source: Hong Leong Investment Bank Research - 16 Feb 2016
More articles on HLBank Research Highlights
Technical tracker - HLIB Retail Research –19 July 2024 (Short-Selling)
Created by HLInvest | Jul 19, 2024
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Latest Videos
Apps
Top Articles
1
Stock Pick Contest Year 2024
2
https://dividendguy67.blogspot.com
3
Koon Yew Yin's Blog
4
5
save malaysia!
6
Mercury Securities Research
8
Good Articles to Share
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
