There is no surprise in the 10th Malaysia Plan that launched by our PM in the morning 1030am to 1pm. The market was slightly bullish in the morning but it was cooling down in the afternoon session after the launching of the 10th Malaysia Plan. FBMKLCI was traded in sideway and closed at 1291.31 (+1.23, +0.1%).
The overall market’s trend is considers as mixed today as there are 261 up counters and 280 down counters with the market total traded volume increased by 16.4 % to 733 MIL shares however majority of the volumes are contributed by a single counter. The market’s volume is below 40 days volume moving average.
Today’s FBMKLCI top 5 gainers components are MMCCORP, GENTING, TANJONG, PETGAS and RHBCAP. The top 5 lagging components are GENM, AXIATA, MAXIS, BJTOTO and UMW.
FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band contracted -15%; this indicates FBMKLCI is consolation.
RSI increases slightly to 43.78; this indicates FBMKLCI is considers as consolation.
The MACD line slightly hooks up and crosses the trigger line but it stays below the ZERO level. The histogram seems to form a rounding top if the index still goes sideway in next few days. This indicates FBMKLCI is consolation.
Summary
Most of the indicators indicate FBMKLCI is under consolidation above the BBMB. The World Cup is just around the corner and we expect the trading volume will be getting lower soon. The nearest possible resistance levels for FBMKLCI are EMA14 (1290), 1296 and 1309. The nearest possible support levels are 1284, BBMB, 1269. Please click on the chart below for better understanding.
