As last week's trading sessions saw a lack of definite direction for the FBM KLCI, stocks are likely to extend the current listless trading with investors still uncertain over the near-term prospects for the local market. Conflicting technical momentum indicators suggest further sideways consolidation ahead, but bearish trend indicators imply mild downward bias, pending the emergence of positive local catalysts to lift the market as it begins trading for the second half of the year.
Stronger index supports are at 1,566, the 100-day moving average level, and 1,550, while immediate resistance is from the early June high of 1,622, with the May high of 1,632 and 1,640 as tougher upside hurdles.
As for stock picks this week, any further weakness on selective construction, oil & gas and technology related counters should attract bargain hunters anticipating recovery potential ahead.
Source: TA Research - 1 Jul 2024
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UEMS2024-11-21
YTLPOWR2024-11-20
CDB2024-11-20
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CIMB2024-11-20
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COASTAL2024-11-19
AIRPORT2024-11-19
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CYPARK2024-11-19
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AIRPORT2024-11-18
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COASTAL2024-11-18
CYPARK2024-11-18
UEMS2024-11-15
AIRPORT2024-11-15
BETA2024-11-15
CIMB2024-11-15
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CYPARK2024-11-14
HIAPTEK2024-11-14
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CDB2024-11-13
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CIMB2024-11-13
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CDB2024-11-11
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CIMB2024-11-11
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CYPARK2024-11-11
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YTLPOWRCreated by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024
Created by sectoranalyst | Nov 21, 2024