Bursa Malaysia has moved higher in three straight sessions, gathering more than 6 points or 0.4 percent along the way.
The Kuala Lumpur Composite Index now sits just beneath the 1,450-point plateau and it may add to its winnings on Thursday.
At 9.19am, the FBM KLCI opened at 1449.50.
The FKLI remained above the 50-day SMA line, and closed mildly positive at 1,448 pts yesterday, ie up 1.50 pts.
RHB Research in a note today (Dec 14) said it opened at 1,447.50 pts and attempted a surge, then printed the day’s high of 1,451 pts before strong selling pressure kicked in. It then ceded most intraday gains to close just above the opening level.
The neutral candlestick with an upper shadow highlights that, despite the struggle to trend upwards, the FKLI is consolidating above the rising 50-day SMA line – so there may be a higher chance of it resuming its rebound in the later sessions.
Nevertheless, falling below this line would signal a correction towards the 200-day long-term SMA line. Riding on the latest rebound, RHB kees their bullish trading bias.
Malacca Securities (MSSB) said the FBM KLCI (+0.06%) closed flat despite the positive overnight Wall Street performance, as investors traded cautiously prior to the US PPI data and the 2-day FOMC meeting. On the broader market, the Healthcare sector (+4.09%) rose supported by glove counters, while the Energy sector (-0.77%) declined.
Global markets: Wall Street ended higher as the market sentiment improved after the Fed maintained current interest rate levels at 5.25-5.5% and suggested rate cuts by the end of 2024. The European stock market ended mixed, while Asia ended mostly lower, despite China vowing to boost economic demand.
