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apple developer account for sale :Bears remain in control

admin2021-01-2431

REVIEW: The FBM KLCI’s pullback over the past week, stopping below the 1,600-point level, indicated that the recovery story for the Malaysian market remained shaky. While the overall global sentiment has been largely positive owing to the inauguration of US President Joe Biden and his plan to roll out a US$1.9 trillion fiscal stimulus package, local sentiment has been very much weighed down by domestic developments. Even Monday’s release of economic growth data in China, which facilitated a pick-up of sentiment in the region, failed to spur buying interest on Bursa Malaysia. Given the surging number of coronavirus cases in the country and the recent re-implementation of the movement control order (MCO), there are growing fears over further disruption to the economy. Economists have opined that this MCO will have a milder impact than the previous one, although much will also depend on the scope and duration of the current lockdown. In the earlier half of the week, speculation over a potential overnight policy rate cut by Bank Negara sparked selling pressure on financial heavyweights. As the largest constituent sector by weighting on the FBM KLCI, the sell-off on bank stocks sent the index falling over 17 points to 1,609.52. The decline extended onto Tuesday as fears of tighter margins for banks weighed on their earnings outlook. The share prices of rubber gloves were also seen faring poorly as sentiment over the counters remained cautious, especially following news of more of Top Glove’s factories being affected by the pandemic. Malaysia’s key index fell another 7.64 points to 1,601.88 on Tuesday. There was an intra-day bounce on the market on Wednesday as investors flocked into bargain counters. Bank Negara’s 3pm announcement that it would be holding the lending rate at 1.75%, helped banks to retrace some losses, leading to the index gaining as much as 15 points at one point. However, investors were quick to take profit, erasing all the day’s gains in the late-afternoon session. The index ended a fraction of a point lower at 1,601.54. The 1,600 support didn’t last long in light of Thursday’s negative result, the sixth in a row. Ending 6.74 points lower at 1,594.80 despite regional optimism over the inauguration of Joe Biden, there were fears of a sustained correction setting in. Bargain-hunting finally set in yesterday as investors moved into oversold counters. However, gains were capped by the ongoing MCO and its extension for another two weeks in the six affected states. Bouncing just 1.94 points higher, the index ended at 1,596.74. Statistics: The major index ended the week 30.27 points or 1.86% lower over the previous Friday at 1,596.74. Total turnover for the trading week stood at 33.19 billion shares amounting to RM22.61bil compared with 34.5 billion shares worth RM25.36bil in the previous trading week. Outlook: The weakness in the market became more pronounced over the week as the FBM KLCI continuously tested and fell below the 1,600-point level. Given the negative sentiment over the ongoing economic developments, the weakness is likely to persist, halting periodically as bargain-hunters enter the market, with swift profit-taking to follow. As such, consolidation around the 1,600-mark is expected to continue. The oversold slow-stochastic, which turned higher yesterday, indicates a buying opportunity for investors although the advance on the market is likely to be capped by the dominant bearish trend. The 14-day relative strength index has also made a mild bounce after slipping to a low of 35 points, lending some signs of stabilising prices. To the upside, the FBM KLCI is looking at a resistance of 1,620 where the 50-day simple moving average is currently resting. A return above the moving average would mark the end of the current bearish phase and trigger a potential challenge to the 1,650-mark. Support, meanwhile, is pegged to 1,580 and 1,560.
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