Bursa Malaysia has moved higher in four straight sessions, gathering almost 15 points or 1 percent along the way.
The Kuala Lumpur Composite Index now sits just above the 1,455-point plateau and it’s tipped to open in the green again on Friday.
At 9.19am, the FBM KLCI opened at 1456.55.
RHB Research in a note today (Dec 15) said the FKLI rebounded strongly above the 50-day SMA line, surging 10 pts to settle at 1,458 pts yesterday.
This confirms our earlier expectations of an uptrend movement above the SMA line. It opened at 1,448.50 pts and then surged strongly towards the end of the session, hitting the 1,460-pt high prior to the close.
The strong bullish candlestick above the medium-term SMA line indicates that the bulls are set for a strong rebound, heading towards the 1,468.50-pt immediate resistance.
This overall uptrend is getting firmer, supported by the rising RSI momentum indicator at 57%, entering into positive territory, along with the rising 50-day SMA line.
Riding on the strong rebound, RHB keeps their bullish trading bias.
Malacca Securities (MSSB) said the FBM KLCI (+0.57%) closed higher driven by the positive cue from the overnight Wall Street performance after the US PPI data came in within expectations and the Fed’s dovish stance on interest rates next year.
On the broader market, the Healthcare sector (+3.52%) was the top gainer supported by the glove counters.
Global markets: Wall Street ended higher as the buying interest was still positive after the retail sales data came in stronger in November, coupled with this week’s lower inflation data and the Fed’s dovish comments.
The European stock market ended higher, while Asia ended mostly mixed.
