KLCI ends +0.3% at 1101.70 in heavy volume but may narrow gains tomorrow on continued profit-taking. KLCI expected to stay in 1095-1115 range. Today's rise was largely due to Genting's 9.4% surge to MYR32 (after unit Genting International won bid for Sentosa casino resort in Singapore). Notes negative spread in broader market where decliners outnumbered gainers almost 2:1. Although the uptrend is still intact, a more meaningful correction is required before the next bullish breakout punches through the next significant resistance at 1138 (June'97 peak). Foreign funds still active, lifting Tenaga +0.9% to MYR11.60.Technical Readings:
KLCI
For 11DEC the KLCI closed at 1,101.7000.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1,121.02.
The projected lower bound is: 1,087.80.
SPOTMONTH (DEC)
For 11 DEC the SPOTMNT closed at 1,103.5000.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 1,124.56.
The projected lower bound is: 1,088.04.
3 comments:
How do you conclude that "foreign funds still active"? Does the movement of heavyweights indicates foreign fund buying and not by local fund?
My neighbor's step father friend of his neighbor who live in Dataran Maybank told me that Foreign active selling and local active buying. LOL.
My friend told me PM Abdullah has instructed PNB, Khazanah, EPF to push up market to record high. Abdullah wants to out do Mahathir. CI will hit new record high, target 1300. Christmas rally then New Year rally then Chinese New Year rally. CI will be 1300 by Chinese New Year.
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