Bursa Malaysia showed signs of recovery on Wednesday, marking a potential fourth straight day of gains. However, the benchmark FBM KLCI remains below its projected year-end target of 1,642.
Bursa Malaysia demonstrated signs of recovery on Wednesday, marking its potential for a fourth consecutive day of gains. However, the benchmark FBM KLCI only managed to reclaim a fraction of the losses incurred during the initial weeks of January, settling at 1,583.22 after a 2.76-point increase. While the index remains considerably below its projected year-end 2024 target of 1,642, Rakuten Trade views the current market dip as an attractive opportunity for investors.
The firm anticipates continued bargain hunting activities, driven by positive sentiment stemming from US President Trump's delayed tariff implementation and the encouraging dialogue between Trump and Chinese President Xi Jinping during Wall Street's first trading session post-inauguration.Malacca Securities Research acknowledges that the FBM KLCI continues to trade below all moving average lines, indicating a pullback formation on the technical chart. Nevertheless, the research firm points to a positive technical outlook with the Relative Strength Index (RSI) rebounding from oversold territory and the Moving Average Convergence Divergence (MACD) Histogram displaying a rounding bottom formation. Resistance is predicted around the 1,595-1,600 range, while support is anticipated around 1,560-1,565.Among notable blue-chip risers, Nestle experienced a 98 sen increase to RM92.48, Tenaga Nasional climbed 12 sen to RM13.80, and Kuala Lumpur Kepong rose six sen to RM20.24. In the active sector, TWL remained stable at 2.5 sen, Harvest Miracle gained one sen to 18 sen, and CBH Engineering held its ground at 36.5 sen
MALAYSIA STOCK MARKET BURSA MALAYSIA FBM KLCI INVESTOR SENTIMENT MARKET RECOVERY
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