Asian stocks rose, led by electronics makers and overnight surge of US market. Dow Jones recorded yet another big gain after banking giant Wells Fargo & Co. surprised the market with an early profit report. Japan market added another 0.54% after yesterday’s 3.74% gain, Hong Kong added 2.95% and Singapore market rests for Good Friday.
Malaysian market, which was boosted by both internal and external factors, staged a whole-day rally with the key Index KLCI climbing higher and higher with no hesitation. The Index ended at 941.38 gained 23.49 points. Market was powered by heavyweights, among which, Tenaga and Sime Darby were active gainers. Second Liners and Penny Stocks also followed suit to add more glories. Total volume exceeded one thousand million shares, first time in months.
The rally that pushed Malaysia’s key stock index to a six-month high may last another two months and push the gauge past the 1,000 level for the first time since October, Maybank Investment Bank Bhd said.
Malaysian market, which was boosted by both internal and external factors, staged a whole-day rally with the key Index KLCI climbing higher and higher with no hesitation. The Index ended at 941.38 gained 23.49 points. Market was powered by heavyweights, among which, Tenaga and Sime Darby were active gainers. Second Liners and Penny Stocks also followed suit to add more glories. Total volume exceeded one thousand million shares, first time in months.
The rally that pushed Malaysia’s key stock index to a six-month high may last another two months and push the gauge past the 1,000 level for the first time since October, Maybank Investment Bank Bhd said.
The index is “tracing out a five-legged upward rebound move of the larger scale fourth leg” from a low of 801.27, Lee Cheng Hooi, an analyst at Maybank, said in a report, this morning. “We expect a minimum rise towards 954.19 and 1,008.25 on this Wave 4C move towards its Fibonacci retracement levels.”
Maybank raised its technical view to a medium-term “trading buy” from “neutral,” saying political uncertainty has been removed. The index is poised to “punch above” the 936.63 level and gear up for a “slightly longer rebound rally,” Lee added.
While the trading patterns show signs of a “new bull-trend,” it may also lead to a “bull-trap,” he said.
While the trading patterns show signs of a “new bull-trend,” it may also lead to a “bull-trap,” he said.
“Enjoy this rally for now but be ready to take most of your money off the table swiftly if we sight foreign funds leaving the country,” Lee said. If the ringgit weakens, “then foreigners are leaving the country.”
Today’s bullish sentiment enables the key Indicator (Blue) of the Daily MSO Chart to record yet another new high. The Indicator bounced from the 20MAV and shot like sky was the limit and rested at +249.43. The Indicator gained a hefty 190.86 points.
It is viewed that the optimism will continue on Monday and selling on gains will be absorbed. But, going forwards, investors should execute cautiousness as correction is also imminent. (Click on Chart to view)
Today’s bullish sentiment enables the key Indicator (Blue) of the Daily MSO Chart to record yet another new high. The Indicator bounced from the 20MAV and shot like sky was the limit and rested at +249.43. The Indicator gained a hefty 190.86 points.
It is viewed that the optimism will continue on Monday and selling on gains will be absorbed. But, going forwards, investors should execute cautiousness as correction is also imminent. (Click on Chart to view)
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