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Monday, February 28, 2011

Malaysia Stock Market - End of the Day

Technically, overall market sentiment remains hesitant. Market will not have any significantly movement as rebound will be trimmed by profit taking.

Asian stock markets were mixed Monday as a surge in oil prices amid continued worries over the turmoil in the Middle East hit airline stocks and dampened sentiment.

Regional sentiment was hurt by the surge in oil prices in early Asian trade as investors continued to fret about the turmoil in Libya and Moammar Gadhafi's tenuous hold on power. Separately, police shot two demonstrators dead as the wave of protests sweeping the Middle East spread to Oman on Sunday, underscoring the fluid situation in the Arab world. (WSJ)

At closing, Japanese market up by 0.92%, China 0.93%, Hong Kong 1.42% but Singapore down by 0.45%.

At the local front, FBMKLCI slid nearly 11 points on opening but managed to crawl back to the positive zone in the afternoon session to end at 1,491.25 (+1.98/0.13%). Total Volume was 1,163m (-227m). (FBMKLCI Chart extracted from Jupiter)

Overall market sentiment though started in weakness but was not deteriorating. The Oscillator moved sideways above its Average most of the time but ended lower at -1,031.91; lost 173.78 when compares with its starting point. The Average recorded a loss of 889.44.

Conclusion

Today, FBMKLCI followed regional peers recovered gradually from losses. The index fell but rebounded when touching its support at 1,474 and finished at 1,491, slightly higher than the last closing. Based on charts, market has been oversold but there is still no sign of recovery. The important support 1,474 was tested once today and it has shown its solidity. Hopefully, the index will start to consolidate from here. Overhead resistances are 1,500 and 1,507. (Chart extracted from 188OMS)

In the MSCD, K% Line (yellow) recorded as -725.03 (-29.88), D% Line (red) -518.09 (-29.72) and the Histogram -199.30 (-1.91).

After today’s trade, both indicators hooked slightly down and the Histogram printed a slightly longer negative bar. Technically, overall market sentiment remains hesitant. Market will not have any significantly movement as rebound will be trimmed by profit taking.

Constructed and Written by Smartbiz (Click on chart to view)

(Note: You can read the explanation for Intra-Day MSO and MSCD from the achieves under heading "Labels" at the lower portion of the sidebar.)

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