Hopes to see a technical rebound tomorrow, however Malaysia shares may extend losses on preweekend selling after shedding 0.5% to close at 1350.72. Although volume today remained relatively thin with less than 1 billion shares traded, market breadth still negative with decliners leading gainers 512 to 377 on continued ringgit weakness; due to selling pressure of foreign funds. Technical indicators remain bearish with MACD staging a bearish a crossover. The index could retrace to as low as 1343 (60-day moving average), KLCI ended below 30-day moving average for 1st time since mid-March. Crude oil jumped above $70 a barrel to a nine-month high in New York on speculation that U.S. inventories will slip as refineries increase output of gasoline and other fuels.
TOMYAM SHOPPING LIST
- OSK Starts HELP At Buy, MYR1.18 Target
- RHB Cuts Astro To Market Perform,Target To MYR4.92
- TA Keeps Buy On United Malacca; Targets MYR7.70
- Affin Starts Bonia With Buy; Targets MYR2.88
- Kim Eng Ups Silverlake Axis Target To S$1.15; Buy
- S&P Ups Salcon To Buy From Hold,Cuts Tgt To 99 Sen