Following last Friday's strong comeback from a steep profit-taking correction sparked by aggressive foreign fund buying in key utility, banking and consumer heavyweights, further upside bias for the local market is expected. Short-term technical momentum indicators on the FBM KLCI have turned around to support positive longer-term trend indicators, implying uptrend resumption which should strengthen with improving buying momentum and market sentiment. Moreover, with the US PCE price index, which is the Federal Reserve's closely watched inflation gauge, rising 0.2% on monthly basis in July and 2.5% from a year ago, in line with economists' expectations, hopes for contained inflation in the US forging the way for more interest rates cuts ahead should augur well to boost local market sentiment.
Immediate index support remains at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Key resistance will be the recent high of 1,684, then 1,695, the Dec 2020 high, followed by the 123.6%FP (1,702) and 138.2%FP (1,741) of the 1,369 low to the 1,638 high.
As for stock picks this week, lower liner construction, oil & gas and semiconductor related counters which suffered sharp corrections recently should attract more bargain hunters looking to buy for oversold rebound upside.
Source: TA Research - 2 Sept 2024
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YINSON2024-09-27
AXREIT2024-09-27
CIMB2024-09-27
SKYWLDCreated by sectoranalyst | Oct 07, 2024
Created by sectoranalyst | Oct 04, 2024