Stock Counters Analysis:
4308 SUNWAY
After 4 days of rally, SUNWAY hit new high of RM1.60 Monday and formed an inverted red hammer. So today, it corrects further and closes at 1.52. Instead, the MACD still remains uptrend biased although profit-taking took place. Interested investors may consider accumulating during consolidation period.
Net asset: 1.28
The next possible target price: 1.80, 2.00.
The nearest possible support ranging level: 1.51-1.45 within the next 2 contra days.
Cut lost plan: could be below 1.44.
3247 GUH
Today is T+4 closing at 1.19 after it hit new high of 1.23. Volume fairly low during correction is acceptable. The chart pattern and MACD indicate the counter still remains uptrend biased. Interested investors may consider accumulating should this counter still in consolidation with low volume in next few days.
Net asset: 1.80
The next possible target price: 1.55, 1.80
The nearest possible supportive ranging level: 1.17-1.15.
Cut lost plan could be below 1.14.
4529 LEADER
This counter has been consolidating within a ascending triangle for the past around two months with upper resistance range of 0.935-0.965. Today it closes at 0.930 with MACD round bottom, Bollinger band open at 23% on uptrend biased pattern.
Net asset: 1.24
The next possible target price: 1.00, 1.05, 1.14
The nearest possible supportive ranging level: 0.920-0.910.
Cut lost plan could be below 0.900
7111 WEIDA
Today is T+3 closing at 0.790 after it hit previous high of 0.825. The MACD still tickling upward, RSI stands at 80, and the Bollinger band open at 13% on uptrend biased pattern.
Net asset: 1.13
The next possible target price: 0.825, 0.855, 885, 0.930, 0.975;
The nearest possible supportive level: 0.765
Cut lost plan could be below 0.760
Market News:
Tuesday March 23, 2010
PM set to woo fund managers at HK forum
HONG KONG: Prime Minister Datuk Seri Najib Tun Razak’s visit to Hong Kong to woo top-notch regional fund managers is timely as Asian economies and markets begin a process of recovery after the recent financial crises.
Fund managers will look for insights to invest in fast-recovering markets, for which Najib stands ready to expound on Malaysia’s zest to become a favourite investment destination and particularly due to its surprisingly quick recovery vis-a-vis other regional and major economies.
Whatever good news he brings to fund managers will be backed by the economy having turned around to chalk a commendable growth of 4.5% in the fourth quarter of 2009 after contractions in the previous three consecutive quarters.
The economy this year is expected to expand between 5% and 6% from a contraction of 1.7% in 2009, thanks largely to the Government’s foresight in unveiling stimulus packages worth RM67bil in the early stages of the global economic meltdown.
This boosted spending and domestic demand, which in the process, stimulated business activity.
Najib begins his pitch to woo portfolio fund managers today by addressing the 13th Asian Investment Conference 2010 organised by global financial services group Credit Suisse.
Najib, who is also Finance Minister, is expected to touch on liberalisation measures, provide hints on the make-up of the soon-to-be unveiled New Economic Model, increased efficiency via the Government transformation plan and moves to make Malaysia a high-income economy.
In a handout on the conference, Credit Suisse said under the leadership of Najib, Malaysia was implementing an aggressive agenda for reform and economic liberalisation.
Measures to attract more foreign investment into its equity market and to achieve a more favourable investment climate were hallmarks of the current government, it said.
Najib will also discuss with Sir John Major, former British prime minister and special adviser to Credit Suisse, steps taken to make Malaysia one of the favourite destinations for investors in Asia and outline the nation’s plan for economic development.
Najib leaves for home on Wednesday. — Bernama
