The local market rebounded on Thursday, aided by gains in property, banking and plantation stocks, on hopes that Budget 2025 will contain measures to boost the domestic property market. The FBM KLCI gained 8.81 points to close at 1,641.44, off an early low of 1,633.72 and high of 1,642.93, as gainers led losers 634 to 391 on total turnover of 2.68bn shares worth RM2.45bn.
The broader market should extend range bound trade pending the unveiling of Budget 2025 proposals by late afternoon, with buying interest to focus on sectors seen to benefit. Immediate index resistance remains at 1,660, followed by the recent highs of 1,675 and 1,684, and then 1,695, the Dec 2020 high, as tougher resistance levels. Immediate support will be the recent correction low of 1,625, with 1,620 and then 1,600 acting as stronger supports.
Axiata will be attractive to bargain on weakness for rebound upside, with a confirmed breakout above the 200-day ma (RM2.54) to target the 61.8%FR (RM2.64) and 76.4%FR (RM2.77) ahead, and key chart supports from the 23.6%FR (RM2.29) and 31/10/23 low (RM2.08). CelcomDigi looks ideal to accumulate at current levels with the 38.2%FR (RM3.51) and 23.6%FR (RM3.31) to cushion downside, while a breakout above the 50%FR (RM3.68) should aim for the 61.8%FR (RM3.85) and 76.4%FR (RM4.05) going forward.
Source: TA Research - 18 Oct 2024
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GENM2024-12-04
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CDB2024-12-04
CDB2024-12-04
CDB2024-12-03
ALPHA2024-12-03
ANCOMNY2024-12-03
BINTAI2024-12-03
CDB2024-12-03
GENM2024-12-03
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SALCON2024-12-02
ALPHA2024-12-02
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CDB2024-12-02
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CDB2024-11-29
AIRPORT2024-11-29
ANCOMNY2024-11-29
AXIATA2024-11-29
AXIATA2024-11-29
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CDB2024-11-29
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GENM2024-11-29
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SCBUILD2024-11-29
ZECON2024-11-28
ALPHA2024-11-28
ALPHA2024-11-28
ANCOMNY2024-11-28
ANCOMNY2024-11-28
AXIATA2024-11-28
CDB2024-11-28
CDB2024-11-28
SCBUILD2024-11-27
AIRPORT2024-11-27
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ANCOMNY2024-11-27
CDB2024-11-27
VARIA2024-11-26
ANCOMNY2024-11-25
ANCOMNY2024-11-25
CDBCreated by sectoranalyst | Dec 04, 2024
Created by sectoranalyst | Dec 04, 2024
Created by sectoranalyst | Dec 03, 2024
Created by sectoranalyst | Dec 03, 2024
Created by sectoranalyst | Dec 03, 2024