MALAYSIA'S benchmark Kuala Lumpur Composite Index, which rose past 920 to a three-month high yesterday, needs to stay above that level to sustain a week-long rally, according to RHB Research Institute Sdn Bhd.
The index faces a “strong test” at 920, which is a “significant technical hurdle as well as the support-turn-resistance Uptrend Line,” RHB Research said in a note today. “A failure will surely trigger a sharper dip, hence ending the current upsurge.”
The Composite Index rose for a fifth day yesterday, climbing 1.9 per cent to close at 923.77, the highest level since January 7. It gained 6.3 per cent over the five-day rally, marking the longest winning streak since March 23. The measure fell 1 per cent to 915.12 as of 11:28 am local time.
“We maintain our positive medium-term view” on the stock index “as long as it continues to trade above the crucial congestion region of 880 to 890, with a relatively firm daily turnover of 500-600 million shares,” it said. - Bloomberg
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
music
Create a playlist at MixPod.com
