8:18 PM
Unknown
Weekly wrap of KLCI:
Malaysian stocks opened lower today,
share prices remain under selling pressure this whole week. Market
weighed down by selected blue chips and heavyweight. Stock market is
also waiting for the outcome of the United States Federal Reserve
(Fed) policy meeting last night.
|
FBMKLCI
WEEK’s Performance
|
|
|
Open |
1874.34 |
|
High |
1879.59 |
|
Low |
1867.34 |
|
Close |
1877.34 |
|
Change(Points) |
-14 |
|
% Change |
-0.74% |
Market Forecast for week ahead:
Market has taken up the support at
1863, if prices rebound from this level then take a positive change
otherwise KLCI fall down to the level of 1851.
Technical indicators:
RSI for this week is 52.790 with CCI at
20.693. Besides, difference line of MACD (14.101) stood above its
signal line (16.909).
|
STI
LEVELS
|
|||||
|
Support
1
|
Support
2
|
Support
3
|
Resistance
1
|
Resistance
2
|
Resistance
3
|
|
1851
|
1824
|
1792
|
1916
|
1945
|
1970
|
ECONOMIC FACTORS:
- Local companies, in becoming more productive, can outsource their non-core business activities to experts at competitive pricing.
- REAL Estate and Housing Developers Association (Rehda) president Datuk Seri FD Iskandar Mansor says property prices will continue to rise because of the supply and demand factor and high land cost.
- Engineering firm George Kent (Malaysia) Bhd recorded a 41.7 per cent jump in net profit to RM36.2 million and a 82.9 per cent year-on-year rise in revenue to RM506.3 million for its financial year ended January 31 2014.
- Malaysian banks underweight given the new threats to earnings growth despite the recent interest rates hike due to intensified competition for deposits, lethargic business loan growth, rising capital requirements, a new ruling on Islamic deposits and unattractive valuations.
- The Malaysian Automotive Association had on July 23 revised upwards its total industry volume (TIV) forecast for this year to 680,000 units from the earlier target of 670,000 units.
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