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Thursday, October 1, 2009

FBM KLCI: NO WORRIES (YET)

The FBM KLCI continued to retrace by another 6.13 pts yesterday. The market has lost some 30 pts since hitting a high of 1231.49 pts. Nevertheless, the retracement is not worrying us just yet as we know that the 50-day MAV line is giving a clear signal that the market is still on an uptrend. Note that India’s key benchmark index cracked a new high yesterday while Jakarta’s benchmark index is approaching the recent-high. Once again, there was no panic selling across the board.

Although the FBM KLCI could have gone up at a faster pace after violating the 1196.46 pt-peak, the recent retracement does not bother us. Our view towards the near-term market will remain firmly bullish as long as the 50-day MAV line is not violated.

From the current level, an immediate support lies at the 1,196.5-1,200 pt-area and a very strong support is seen at the 50-day MAV line, which is now situated at the 1,178 pt-level. To the upside, an immediate resistance lies at the 1231.50 pt-level followed by the 1242 pt-level.



This is an update on AMMB’s latest technical landscape. The stock’s uptrend remains the same as it was a few months ago. Its share price is continuing with its steady ascent at above the 50-day MAV line and is expected to do so as long as the 50-day MAV line continues to provide support to the stock. Both the immediate and mid-term technical outlook of AMMB will remain firmly bullish as long as the stock maintains a posture at above the 50-day MAV line, which is now situated at the RM4.10 level. At below the RM4.10 level, look for the RM4.00 level and the RM3.90 level for the next support. Unless the stock is hit by negative news or the FBM KLCI’s technical outlook turns negative, we think AMMB should be able to maintain a comfortable posture at above the 50-day MAV line. From the current level, an immediate resistance lies at the RM4.42 level, followed by the RM4.65 level.

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