The positive closing in the last two trading days of last week has improved short-term technical momentum for the FBM KLCI, hence there should be further upside bias this week. Nonetheless, it is crucial that market breadth and follow-through buying momentum recover significantly to support further gains ahead. Meanwhile, with US stocks rallying to new record highs and Treasury yields dipping further last Friday amid increasing anticipation interest rates have peaked and the Federal Reserve will pivot to rate cuts sometime next year, the positivity should spillover to brighten the local market sentiment.
On the index, better chart supports are at 1,430, and then 1,400/1,390, while the end June low of 1,370 will act as crucial support. Immediate resistance is still at 1,465/1,470, with the 1,490/1,500 area acting as tougher upside hurdle.
As for stocks picks for the coming week, key banking and telco counters such as AMBank, CIMB, Maybank, RHB Bank, Axiata, CelcomDigi, Maxis and TM should continue to attract bargain hunters looking for situational plays and recovery upside going forward.
Source: TA Research - 4 Dec 2023
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YINSONCreated by sectoranalyst | Aug 30, 2024