BELOW are excerpts of viewpoints from two selected research houses on what investors can expect in the day ahead:
Inter-Pacific Research
Despite regional indices remaining mostly in the red yesterday, the FBM KLCI managed to end the day marginally higher with mild bargain hunting.
This helped to shore up the key index towards the end of the session, casting aside the US Federal Reserve’s near confirmation of the end of its tapering.
Energy and banking stocks were the main gainers but conditions elsewhere stayed morbid with losers ahead of gainers.
Meanwhile, market volumes continue to thin ahead of the Lunar New Year break.
Although broad market conditions remain lacklustre and devoid of positive leads, the key index is likely to remain mostly range-bound, preserving its position between the 1,500 and 1,520 levels for now as selling pressure has lessened following its recent steep falls that was brought about by the US tapering concerns.
As it is, the FBM KLCI is attempting to find some stability and a base above the psychological 1,500 level with mild bargain hunting to continue providing vital market support.
Still, fresh buying is likely to remain modest with just nibbling on some of the beaten-down sector leaders as most market players will remain on the sidelines until there is clarity on the market’s direction.
As such, the 1,520 resistance is set to hold firm for now with the next hurdle at 1,528 points. The supports, on the other hand, are at 1,508 points and the 1,500 level respectively.
Malacca Securities Research
The FBM KLCI registered marginal gains, outperforming the negative regional markets that spooked by the US Federal Reserve’s statement.
However, tracking the weaker performance on Wall Street overnight and simmering geopolitical tensions, we reckon the sentiment may turn negative on the local bourses.
Nevertheless, with Apple registering an all-time revenue record, that may provide support towards technology stocks.
Commodities-wise, crude palm oil (CPO) price remained firm above RM5,400/metric tonne after Indonesia setting export rules while the Brent crude is trading above the US$89/barrel mark.
The FBM KLCI extended its gains for the second session, but it is hovering below SMA50. Technical indicators were still negative as the MACD Histogram has extended a negative bar while the RSI hovered below 50.
Key support is located at 1,505 while the resistance is set at 1,530-1,570. – Jan 28, 2022
BELOW are excerpts of viewpoints from two selected research houses on what investors can expect in the day ahead:
Inter-Pacific Research
Despite regional indices remaining mostly in the red yesterday, the FBM KLCI managed to end the day marginally higher with mild bargain hunting.
This helped to shore up the key index towards the end of the session, casting aside the US Federal Reserve’s near confirmation of the end of its tapering.
Energy and banking stocks were the main gainers but conditions elsewhere stayed morbid with losers ahead of gainers.
Meanwhile, market volumes continue to thin ahead of the Lunar New Year break.
Although broad market conditions remain lacklustre and devoid of positive leads, the key index is likely to remain mostly range-bound, preserving its position between the 1,500 and 1,520 levels for now as selling pressure has lessened following its recent steep falls that was brought about by the US tapering concerns.
As it is, the FBM KLCI is attempting to find some stability and a base above the psychological 1,500 level with mild bargain hunting to continue providing vital market support.
Still, fresh buying is likely to remain modest with just nibbling on some of the beaten-down sector leaders as most market players will remain on the sidelines until there is clarity on the market’s direction.
As such, the 1,520 resistance is set to hold firm for now with the next hurdle at 1,528 points. The supports, on the other hand, are at 1,508 points and the 1,500 level respectively.
Malacca Securities Research
The FBM KLCI registered marginal gains, outperforming the negative regional markets that spooked by the US Federal Reserve’s statement.
However, tracking the weaker performance on Wall Street overnight and simmering geopolitical tensions, we reckon the sentiment may turn negative on the local bourses.
Nevertheless, with Apple registering an all-time revenue record, that may provide support towards technology stocks.
Commodities-wise, crude palm oil (CPO) price remained firm above RM5,400/metric tonne after Indonesia setting export rules while the Brent crude is trading above the US$89/barrel mark.
The FBM KLCI extended its gains for the second session, but it is hovering below SMA50. Technical indicators were still negative as the MACD Histogram has extended a negative bar while the RSI hovered below 50.
Key support is located at 1,505 while the resistance is set at 1,530-1,570. – Jan 28, 2022
