The local bourse closed lower at Wednesday midday, the FBM KLCI shed 11.01 points to 1,471.56. Investors were edgy tracking the performance of regional bourses and overnight Wall Street. As the KLCI now has dipped below 1480 point level, investors may go for dip-buying on stocks with attractive valuations and solid fundamentals and steady growth.
On the broader market, decliners outpaced gainers 479 to 274, while 371 counters were unchanged.
On trading volume, 1.76 billion units were registered with value of RM827.93 million.
Some of the gainers of the morning session were Khind Holdings, PMB Technology, F&N, DRB-Hicom, C.I.Holdings, Aeon Credit, CIMB.
Whilst some of the top losers Nestle, MPI, Petronas Dagangan, Chin Tek, PPB Group, Panasonic Malaysia, Petron Malaysia, Hengyuan, Dutch Lady and KESM Industries.
COMEX Gold: Negative Momentum Takes a Breather
RHB Research has maintained “short” positions on COMEX Gold.
After a bearish session on Monday, the COMEX Gold staged a technical rebound during Tuesday’s session – it climbed USD12.80 to close higher at USD1,761.20. The commodity initially started off the session at USD1,750. Strong demand emerged during the US session, lifting it higher to test the USD1,767.50 level before the close. The latest price action affirms that USD1,740 is acting as immediate support. However, the COMEX Gold has yet to break past the immediate resistance to form a “higher high” bullish pattern. As such, the bears might be still in control and the commodity may see a resumption of the downward movement. For the immediate session, it should move sideways to consolidate along the USD1,740 immediate support. No change to the bearish bias unless there is a change in momentum.
WTI Crude : Strong Bullish Momentum Emerges
Trailing-stop mark triggered; hence RHB Research has initiated “long” positions.
After the WTI Crude staged a technical rebound during Monday’s session, the commodity continued on its upward movement, breaking past the USD92 resistance to close stronger at USD93.74. It began the session higher at USD90.55. After the strong opening, the bullish momentum lifted the WTI Crude to touch the USD94.22 day high before the close. Amidst strong momentum, the commodity managed to chart a fresh “higher high” bullish pattern – eyeing to test the next resistance pegged at USD96.57. As the RSI has yet to cross above the 50% threshold, it is likely that the WTI Crude will see mild profit-taking occurring in the immediate session. In the event this happens, USD89 will provide immediate support. After the bullish breakout, the research house has just shifted over to a positive bias.
