The local benchmark index rose for a third straight session on Wednesday, led by bargain hunting interest in technology stocks after the US implemented a new round of semiconductor export restrictions on 136 Chinese companies, potentially benefiting local chip exporters. The FBM KLCI added 7.13 points to close at 1,614.09, off an opening low of 1,606.53 and high of 1,616.03, as gainers led losers 727 to 381 on improved trade totaling 3.6bn shares worth RM3.3bn.
Blue chips should stay range bound with upward bias as investors are optimistic for potential economic stimulus measures in China's upcoming Central Economic Work Conference next week. Immediate index resistance remains at 1,629, next 1,648, followed by the September peak of 1,675. Immediate support stays at 1,588, the 38.2%FR of the 1,529 low (6 Aug) to 1,684 high (29 Aug) rally, with stronger key supports at 1,565, the 23.6%FR level, and then 1,550.
Gadang will be attractive to accumulate on weakness for recovery upside towards the 23.6%FR (33sen), with stronger upside hurdles at 38.2%FR (37sen) and the 50%FR (40sen), while key chart supports are at the 14/ 03/23 low (28sen) and 25sen. Hiap Teck need to climb above the 50%FR (35sen) convincingly to aim for the 61.8%FR (39sen), and 76.4%FR (43sen) going forward, while crucial support from the 38.2%FR (31sen) and 23.6%FR (27sen) cushions downside.
Source: TA Research - 5 Dec 2024
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2025-01-06
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UEMS2025-01-03
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CGB2024-12-31
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CGB2024-12-31
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GADANG2024-12-31
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GADANG2024-12-31
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LPI2024-12-31
PBBANK2024-12-31
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UEMS2024-12-31
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UZMA2024-12-30
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GADANG2024-12-27
MFCB2024-12-27
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PBBANK2024-12-26
CGB2024-12-26
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GADANG2024-12-26
GADANG2024-12-26
MFCB2024-12-26
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PBBANK2024-12-26
PBBANK2024-12-26
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UZMA2024-12-25
UEMS2024-12-24
GADANGCreated by sectoranalyst | Jan 03, 2025
Created by sectoranalyst | Dec 31, 2024