Translate

Translate This Page

Thursday, March 3, 2011

Malaysia Stock Market - End of the Day

Technically, overall market sentiment remains cautious with investors mostly stay at bay waiting for clearer indication from key index.

Asian stock markets were higher on Thursday as many investors took the opportunity to buy into beaten-down stocks, but caution pervaded trade amid persistent concerns over the Middle East and rising oil prices.

Still, the political turmoil engulfing the Middle East and the consequent rise in oil prices continued to provide a cautious backdrop to trading. "Right now, outlook concerns are driving the market more than current economic fundamentals," said Tsuyoshi Segawa, equity strategist at Mizuho Securities in Tokyo. "As it's unclear where crude oil prices and the North Africa situation are going, choppy trading will likely continue" in coming sessions, he said (WSJ)

At closing, Japanese market gained 0.89%, Hong Kong 0.32%, Singapore 0.67% but China down by 0.34%.

At the local front, FBMKLCI was seen lingering in tight range after opening with gains in the morning session. However, selling pressure emerged after the break and pushed it to end off low at 1,506.88 (+7.60/0.51%). Total Volume was 1,065m (-298m). (FBMKLCI Chart extracted from Jupiter)

Overall market sentiment remained cautious with the Oscillator swung up and down to end at its day-high at +595.94; gained 73.22 when compares with its starting point. The Average recorded a gain of 455.82.

Conclusion

Today, FBMKLCI followed its peers to edge higher amid cautious trading. The index capped by the Middle Bollinger Band but closed above the downtrend channel. Its next overhead resistance is 1,512, the Middle Bollinger Band. Once, the index breaks through this barrier successfully, chance of bullish reversal will be higher. However, the setback remains on the shrinking volume which is still below its 50-day SMA. (Chart extracted from ChartNexus)

In the MSCD, K% Line (yellow) recorded as -623.85 (+196.23), D% Line (red) -511.76 (+77.44) and the Histogram -178.65 (+16.64).

After today’s trade, both indicators hooked up and the Histogram printed a shorter negative bar. Technically, overall market sentiment remains cautious with investors mostly stay at bay waiting for clearer indication from key index.

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.)

No comments: