Asian stocks climbed, with the region’s benchmark index set for its best month since 1998, on better-than-expected U.S. economic reports. Japan edged up 1.84%, Hong Kong 3.57% and Singapore 3.97%.
Again, Malaysian market was an exclusive with the key Index KLCI moving sideway most of the day. The Index finished at 885.47 added 6.66 pts. However, most political counters regained strengths after the smooth UMNO Youth Election.
Maybank Investment Bank Bhd chief chartist Lee Cheng Hooi said the resistance areas of 880 and 900 would continue to cap market gains, while support areas were located at 863 and 878.
The Key Indicator (Blue) of the Daily MSO Chart remains robust and regained 19.35 pts to +56.93 after today’s trade. Today’s total volume increased to 568 mln shares mostly from buying at the afternoon session.
Based on charts, market should be bullish beyond UMNO Assembly and towards By-Elections. But cautiousness has to be taken and one should also watch the US market closely. US market is still volatile. (Click on Chart to view)
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