Wednesday, March 26, 2008

Healthy Rebound?

KLCI ends +1.3% at intraday high 1245.42 in moderate volume of 751.1 million shares; market breadth positive with gainers outpacing decliners 402 to 298 with buying interest from both local, foreign funds across all sectors providing market buoyancy. Sustained buying interest may help benchmark index test psychological resistance at 1250 tomorrow but most expect profit taking to narrow gains. The market has enjoyed a healthy rally over the last 6 trading sessions, partly supported by the Invest Malaysia 2008 conference. Some value hunting emerged over the last few days but it may be a struggle for the benchmark to overcome the gap down on March 10 (1283.19 to 1242.64). Notes KLCI March Futures +7 points at 1230, but at discount to cash market.


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