Bursa Malaysia shares eked out slight gains on Wednesday, as mild buying interest in selected blue-chip heavyweights offered support amidst the more cautious broader market, while key regional markets finished mixed after weak economic data in China and Europe heightened concerns over global growth. The FBM KLCI inched higher by 5.79 points to settle at 1,460.62, off a high of 1,463.04 and low of 1,454.25, as gainers led losers 531 to 380 on trade totaling 4.17bn shares worth RM2.12bn.
Trading is expected to stay choppy on concerns over the path of interest rates and a lack of new stimulus from Beijing to keep investors on edge. Immediate index support cushioning downside will be at 1,440, then 1,433, with stronger subsequent support at 1420/1,400, while overhead resistance stays at 1,464/1,470, with next tougher resistance seen at the 1,490/ 1,500 level.
Further weakness on Duopharma shares would aggravate oversold technical momentum and call for rebound upside towards the 38.2%FR (RM1.27), with tougher hurdle from the 50%FR (RM1.35), while crucial support from the 23/6/22 low (RM1.04) cushions downside. Pharmaniaga will need convincing breakout above the 50%FR (46sen) to fuel further upside towards the 61.8%FR (51sen), with next hurdle at 76.4%FR (58sen), and downside cushioned by the 23.6%FR (33sen).
Source: TA Research - 7 Sept 2023
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TENAGACreated by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024
Created by sectoranalyst | Aug 23, 2024