Malaysia Market Review. The FBM KLCI (+1.02%) extended its lead, driven by gains in more than two third of the key index components yesterday. The lower liners also marched higher on stronger trading liquidity, while the utilities sector (+2.99%) anchored the mostly positive sectorial peers.
Global Markets Review. Wall Street finished mixed with the Nasdaq logging its fifth straight losing streak after ten-year treasury yield rose above 4.0% with investors keeping a close tab onto the unemployment data. European stock markets rebounded after Germany and France inflation data came within expectations, while Asia stock markets ended mixed.
It was another solid performance delivered by the key index yesterday with the key index successfully breakthrough above the stiff resistance of 1,465. Should the key index sustained above the aforementioned level, we expect further gains to come by.
While the improved market sentiment also presents further upsides on the lower liners, we advocate investors to exercise caution with stocks that have rallied rapidly into their overbought zones. Looking ahead, investors will be monitoring onto multiple US economic data such as unemployment, ISM services PMI and factory orders later tonight. The pullback in crude oil prices may lead to some weakness in energy sector today.
Technical Commentary: The FBM KLCI took another step forward as the key index breached above the stiff resistance level of 1,465. Indicators stayed positive as the MACD Line remained above the Signal line, while the RSI steadied above 50. Next resistance is located at 1,488. Immediate support is at 1,430.
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