The FBM KLCI gapped up to close slightly higher and re-tested the 1,600 psychological level on last Friday.
Indicators, however, remained negative as the MACD Line treaded below the zero level, while the RSI remain below 50. Immediate resistance is located at 1,600. Support is envisaged around 1,530, says Apex.
The FBM KLCI (+0.4%) edged mildly higher alongside with gains across regional markets as the key index capped off the wild week to close -0.9% wow. The lower liners advanced on the positive market breadth, while all 13 major sectors advanced with the Technology sector (+3.4%) leading the pack.
“After a roller-coaster week, we expect the local bourse to build onto recent recovery with the key index likely to take another jab towards the 1,600 psychological level.
“The improvement will be boosted by the calmer market conditions on Wall Street alongside the better-than-expected industrial production data back home which rose 5.0% yoy in the month of June 2024. Looking ahead, investors will be watching onto the US Consumer Inflation data to be release tonight.
“We continue to favour the Technology sector, riding onto the recovery on Nasdaq last Friday. Also, the Energy sector may take cue from the rebound in crude oil prices for the past three straight sessions.”
Wall Street extended its gains with the Dow climbing 0.3% after a choppy trading session as concerns over the health of US economy eased. European markets also turned upbeat, while Asia markets closed on a positive note, in general.
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