Construction, property and utility stocks continued to firm up Wednesday, as investors remained optimistic the current unity government will be able to rollout key infrastructure projects to boost domestic economic growth. The FBM KLCI added 3.23 points to end at 1,463.51, off an opening low of 1,458.37 and high of 1,464.27, as gainers edged losers 495 to 468 on steady turnover totalling 3.62bn shares worth RM2.21bn.
Given the resilient uptrend on the local stock market despite external worries over China's property and economic growth and threat of further US interest rate hikes, specific stocks in the construction, property, utility and oil & gas sectors should continue to shine and out-perform the broader market. As for the FBM KLCI, it will need to sustain strength above the 1,464 immediate resistance and 1,470 to aim for the 1,490/1,500 hurdle next. Immediate support cushioning downside is upgraded to 1,450, with the recent low of 1,433, then 1420/1,400 acting as stronger support platforms.
DNEX continues base building with downside risk limited to strong chart supports at 41sen and the 30/5/23 low (37sen), pending renewed buying momentum which is crucial to overcome overhead resistance from the 100-day ma (50sen), 200-day ma (55sen) and the 76.4%FR (59sen). Hibiscus will need breakout confirmation above the 200-day ma (99sen) to aim for the 38.2%FR (RM1.03) and 50%FR (RM1.11) ahead, while the 50-day ma (91sen) and lower Bollinger band (90sen) limit downside risk.
Source: TA Research - 17 Aug 2023
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HEXTECH2024-08-20
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IHH2024-08-20
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CHHB2024-08-13
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IHHCreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024