Technical momentum and trend indicators on the FBM KLCI have turned bearish decisively due to last Friday's selloff to end at a one-month low, implying further downside potential to retest stronger key chart supports. Sentiment-wise, worries over potential capital gains or other forms of taxes in the upcoming Budget proposals, and hawkish stance from the US Federal Reserve and other major central bankers forcing global interest rates to stay higher-for-longer would remain key market dampeners.
On the index, immediate support will need to be revised down to 1420/ 1,400, with 1,390 and the end June low of 1,370 acting as stronger supports. Immediate overhead resistance is also revised lower to 1,450, with 1,465/1,470, and the 1,490/1,500 area as tougher upside hurdles.
On stock picks, lower liner oil & gas and construction related counters such as Bumi Armada, Hibiscus Petroleum, Velesto, Wasco, Gadang, Hiap Teck, Sunway Construction and WCT Holdings should continue to attract investors given the strong global oil price trend and infrastructure plays.
Source: TA Research - 2 Oct 2023
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