SUNGAI BULOH 24 Sept - Share prices close on Friday with a little changed ahead of Bank Negara Malaysia's decision on interest rates at a meeting next Tuesday.
The central bank is expected to keep its key rate unchanged at 3.50 pct after the government reported a mild increase in inflation for August.
On Friday, the market narrowed its losses from the morning session, when Tenaga led the fall following reports the energy/water minister warned against speculating on the renegotiations of power purchase agreements with the independent power producers.
The Kuala Lumpur Composite Index (KLCI) ended last week down 0.85 points or 0.09 pct at 965.23, off a low of 962.69 points. For the week, the KLCI was up 3.24
points or 0.65 pct.
The peaceful and bloodless Thai coup had little implications on our stock market. Instead, investors’ focus was on plummeting crude oil price and the Fed’s decision to keep interest rate status quo. Regional stock markets also performed rather strongly yesterday.
Generally, KLCI is now testing an immediate intra-day resistance of 966 pts level. It now appears that the 966 pts level will be taken out anytime soon, bringing the key index to the formidable 970 pts level. The 970 pts level was the peak of the earlier rally and the same was tested in early September. We will see if the third attempt could turn out to be a real breakout.
As mentioned before, the immediate technical outlook of the market will remain bullish so long as the key index continues to trade within the bullish territory of the Bollinger Band. To the downside, continue to look for the 957 pts level or 948 pts level.
For viewing, pls click on the picture to enlarge.
Best buy between 1.10 to 1.15
For 22/9/2006 the closing price was 1.1800.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1.27.
The projected lower bound is: 1.09.
STOP LOSS: 1.08
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