KUALA LUMPUR: Blue chips continued their downward trend on some mild selling pressure in the early trade on Thursday, Jan 28, with IOI Corp, Tanjong and CIMB among the decliners.
At 9.38am, the FBM KLCI fell 3.49 points to 1,262.28. Turnover was 156 million shares valued at RM93.8 million. The broader market was firmer with advancing counters beating decliners 219 to 88.
Analysts said on Wednesday, the FBM KLCI violated the 50-day MAV line and experienced its first major technical breakdown since the bull market started March last year.
They added the 50-day MAV line had been supporting the massive rally for nearly a year and this line has never been taken out decisively before, other than the fake breakdown experienced by the key index in December last year.
Analysts said from the current level, investors should look for the 100-day MAV line at the 1,253-level as the immediate critical support. To the upside, there is a very strong resistance at the 50-day MAV line at the 1,277-level followed by the 1,300 mark.
IOI Corp fell 10 sen to RM5.21, Tanjong eight sen to RM17.32 while CIMB shed eight sen to RM12.68 and Public Bank foreign six sen to RM11.68.
Top Glove lost six sen to RM10.98, MISC-OR and Sime five sen each to RM1 and RM8.68.
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;
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