Chinese shares wobbled, but by mid afternoon had extended gains from Thursday's near 5 percent surge, which came after reassuring remarks from a top securities regulator raised hopes for policy support.
At the local front, FBM KLCI moved higher in the afternoon session but closed off high at 1,178.74 gained 5.08 or 0.43%. Total Volume increased by 21 mln to 609 mln.
Market sentiment gradually picked up after seeing KLCI surged higher in the afternoon session. The Oscillator rebounded and ended at its high at +271.14 gained 177.65 from the starting point. The Average recorded a gain of 102.15.
The Key Indicator (Blue) of the Daily MSO Chart hooked higher but remained in red at -104.37 gained 49.53. Both MS20 and MS50 hooked down.
After today’s trade, MS5 has moved nearer to MS20. Technically, when MS5 cut MS20 from underneath, it signals a reversal. Market is expected to be good if there is no emergence of major negative issue, on Monday.
Unfortunately, MS20 is still staying in negative zone, as such; the rally might not be a long one. Investors are advised to take profit on strength.
Stock to watch: KHSB (S/0.495-0.50, R/0.515-0.530)
(Constructed and Shared by Smartbiz)
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