REVIEW: The steady advance of the FBM KLCI over the past week reaffirmed the recovery trend that has taken root on the market. There remain uncertainties given the rising number of coronavirus infections globally, and question marks over how quickly and effectively the Covid-19 vaccines will alleviate the pandemic. In the meantime, a green light for the emergency rollout of Pfizer’s vaccine in the US and the production of China’s Sinovac Biotech vaccine is keeping the recovery outlook positive. Following a rally that began in the latter half of the previous week, energy stocks have regained their day in the sun, for now at least, as optimistic traders shore up crude oil prices. Gains were capped in oil and gas-related counters given the ongoing uncertainty but they remained elevated as Brent crude hovered above US$50 a barrel. The main players on Bursa Malaysia over this past week were healthcare and financial counters, which have taken their turn amid the ongoing rotational play. Growing positivity over an economic recovery sent bank stocks higher on Monday, leading to a mild gain of 1.04 points despite a wider retreat on Asian markets as investors cashed out of record highs. On a technical note, the push to 1,622.89 points further extended the FBM KLCI’s lead over the 1,620 resistance, reinforcing the prospect of a break out and further upsides. Indeed, even as banks subsided on Tuesday, it was glove counters that took their turn shoring up gains amid anticipation of robust demand as the world remained within the grips of the pandemic. Analysts were divided in their commentary, with some suggesting that the share price increase was a brief rebound after glove stocks’ recent decline. Others yet doubled down on the positive prospects of glove counters, with Kenanga Research’s Raymond Choo anticipating ample upside to Top Glove’s target price in his post-results note, on the back of acute supply shortage and higher average selling prices. The FBM KLCI rose 8.81 points on Tuesday to 1,630.70, putting the next resistance of 1,645 within reach. Public Bank provided the catalyst to break through the resistance with a proposed four-for-one bonus issue. Jumping over 3% on Wednesday, the counter led an advance among the financial heavyweights, taking the FBM KLCI 14.83 points higher to 1,646.53. The rally would continue into Thursday with a combined push in bank stocks and Top Glove, which continued to rise on the momentum of its recent earnings result. The FBM KLCI advanced further past the resistance to 1,654.39, adding momentum to the uptrend. Rising crude oil prices gave the FBM KLCI the push to rally past the 1,680 resistance yesterday, as financial heavyweights maintained their momentum on confidence in the recovering economy. Grazing 1,690 at its highest, the index ended the day 30.19 points higher at 1,684.58. Statistics: The major index ended the week 62.73 points or 3.9% higher over the previous Friday at 1,684.58. Total turnover for the trading week stood at 57.76 billion shares amounting to RM31.32bil compared with 45.93 billion shares worth RM23.18bil in the previous trading week. Outlook: The FBM KLCI broke past the 1,680 mark in yesterday trading, which put it in good stead to continue its ascent. However, profit-taking is likely following the week’s rapid rise. Given the falling trajectory of the slow-stochastic in overbought conditions, consolidation is expected to ensue as investors digest the strong gains seen during the course of the week. The 14-day relative strength index is also overbought, lending more evidence that a period of neutralisation is in store. However, the positive momentum has clearly picked up on the index. In the event of sustained buying interest, the FBM KLCI could hit the 1,700 mark. Pushing further afield, it sees next resistance at 1,730. Support, meanwhile, is seen at the 1,620 and 1,600 levels.
apple developer account
buy high quality apple developer account, in buyappleacc.com, shop in one step and good satisfying services, buyappleacc.com is a reputed apple developer account seller, working almost 3 years in bussiness.