Bursa Malaysia ended Monday’s morning trading session on a cautiously positive note with the FBM KLCI gained 1.29 points to 1,507.48.
On the broader market, gainers outnumbered decliners 452 to 289, while 387 counters were unchanged.
Meanwhile, trading volume registered at 1.37 billion units with value of RM899.61 million.
With the release of the better-than-expected GDP figure last Friday, this may give a boost to the barometer index. That is to say the FBM KLCI may be staying above the 1,500 level. Also, the KLCI may be gathering more momentum in these two weeks as the corporate reporting season is kicking in.
Among the top 10 gainers of the morning session were: Petronas Dagangan, Carlsberg Malaysia, DKSH, APB Resources, Texchem, Pentamaster and Heineken Malaysia.
While losers were, Top Glove, Kossan, Hartalega, DNeX, SFP Tech, ARB.
WTI Crude : Blocked By The 200-Day SMA Line Resistance
Once again, RHB Research has maintained “short” positions.
The WTI Crude failed in its attempt to cross above the 200-day SMA line last Friday as it retreated USD2.25 to close at USD92.09. The commodity started off the session with a gap down, opening weaker at USD94.09. After touching the USD94.81 session high, it fell towards the USD91.16 session low before the close. The latest bearish candlestick, coupled with the WTI Crude trading below the 200-day SMA line, shows a bearish posture. With the 50-day SMA line trending lower, selling pressure may increase in the coming sessions. It is likely to see the commodity resuming the downsides movement to re-test the recent low at USD87.01. As the RSI stays below the 50% threshold – echoing the still weak momentum – no change to bearish bias.
COMEX Gold: Bouncing Off The USD1,800 Level
Whilst for this precious metal futures, RHB Research has maintained long positions.
Despite experiencing mild selling pressure to re-test the USD1,800 level, the COMEX Gold managed to rise higher last Friday as strong demand emerged. The commodity initially began the session at USD1,805.20. After forming the intraday low at USD1,799.60, it climbed towards the USD1,819.10 session high before closing at USD1,815.50. The latest price action saw the COMEX Gold getting firmer above the 50-day SMA line, and USD1,787 will now act as the immediate support. Meanwhile, the 20-day SMA line will continue to trend higher, improving the bullish technical set-up. If the commodity continues its upside movement and breaks past the USD1,825 resistance, it should scale higher towards USD1,850. Conversely, the 20-day SMA line will cross above the 50-day SMA line in the coming sessions. Since the bullish structure remains in view, the research house is holding on to a positive bias.
