With the FBM KLCI struggling to recover from levels not seen in more than two months, technical indicators increased their bearish positioning, implying further correction potential, pending firmer signs of buying support which is key to reverse the current bearish momentum. Meantime, the much stronger-than-expected US jobs report released last Friday triggered a delayed rally on Wall Street on hopes the strong economy could sustain on moderating inflation, and reduced fears of high interest rates persisting. On the other hand, prevailing concerns over potential introduction of capital gains or other forms of taxes in the Budget 2024 proposals this Friday should check gains.
On the index, immediate support is fixed at 1,400, with 1,390 and the end June low of 1,370 acting as stronger supports. Immediate overhead resistance is retained at 1,450, with 1,465/1,470, and the 1,490/1,500 area acting as tougher upside hurdles.
As for stock picks, key banking and telco blue chips like AMBank, CIMB, Maybank, Public Bank, Axiata and CelcomDigi will be attractive to bargain on further weakness for recovery upside going forward, while construction stocks such as Gadang and Sunway Construction should also attract buyers looking for infrastructure plays.
Source: TA Research - 9 Oct 2023
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WAJACreated by sectoranalyst | Nov 08, 2024