Malaysian blue chips rose on March 18, getting a boost from the firmer overnight close on Wall Street following an unexpected surge in US housing starts. Public Bank, SP Setia and Maybank were among the gainers. KLCI gained 6.09 pts to 847.96.
However, Maybank Investment Bank Bhd chief chartist Lee Cheng Hooi said any sudden intra-day upward moves or gaps on the back of Wall Street’s overnight rise might be met by swift profit-taking.
The Key Indicator (Blue) of the Daily MSO Chart continued its upward swing but still remained in the negative territory. The Indicator added another 4.82 pts to -16.21.
The MSO Chart indicates market sentiment has improved but cautiousness remains as volume was thin. (Click on Chart to view)
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