The Star Online: Business
The Star Online: Business |
| Posted: 01 Mar 2013 06:35 PM PST YTL Power International Bhd has been in correction mode since peaking out at an all-time high of RM2.76 on Nov 9, 2010. In the wake of an apparent profit-taking activity, prices fell to an eight-year low of RM1.50 on Dec 17, last year. Thereafter, they made an effort to recover, but a futile attempt to stage a breakout prompted the bulls to abandon the idea. Subsequently, the shares retreated and they tested the RM1.50 level again on Tuesday before turning range-bound. Based on the daily chart, the prevailing trend is bearish, but a re-test of the RM1.50 level recently, offered hope of a "double-bottom" formation, meaning prices has ebbed and the trend ahead would probably be base building or recovery. Further supporting the fact was the rising daily slow-stochastic momentum index, with its oscillator per cent K and the oscillator per cent D ending at the 52% and 30% respectively. It had issued a short-term buy at the grossly oversold area on Thursday. Similarly, the 14-day relative strength index improved moderately from the neutral zones to settle at the mid-range. Also, the daily moving average convergence/divergence histogram was on the verge of flashing a buy. Perhaps, traders can consider accumulating some at current levels, if one is optimistic. To the upside, stiff resistance is pegged at the 200-day simple moving average of RM1.65, followed closely by the RM1.68 barrier, of which a clear penetration would see the fate of this stock turning brighter. As for the downside, a crack on the RM1.50 floor would signal a downtrend continuation. In this case, the lower support, resting at the RM1.30-RM1.35 band would be vulnerable. ● The comments above do not represent a recommendation to buy or sell. |
| Posted: 01 Mar 2013 06:34 PM PST REVIEW: After posting gains for two consecutive days, Bursa Malaysia kicked off the week on a slightly easier note, with the FBM Kuala Lumpur Composite Index (FBM KLCI) dropping 0.96 of a point to 1,621.12 owing to an apparent profit-taking activity. Market sentiment was weak, with retail investors and local institutional players either staying on the sidelines or in liquidation mood in early business. Fortunately, selling pressure was quickly neutralised thanks to foreign funds buying blue chips. In the wake of fresh bargain hunting interest, the key index reversed early losses to finish at 1,627.35, up 5.27 points but despite the positive close, the broad market was generally mixed, with the scoreboard showing winners, decliners and counters traded flat, almost evenly matched on Monday. Overnight US equities took a change for the worse the next day, with the Dow plummeting a steep 1.55% to 13,784.17, the biggest percentage plunge since November, 2012, as a strong showing in Italian elections by groups opposed to the economic reforms sent investors running for cover on worries that Europe's debt problems may once again undermine the global economic recovery. As usual, stocks in the region swooned, led by the Nikkei 225-share Average, slumping as much as 2.3%, as investors dumped risky assets while renewed uncertainty spooked markets. Against the negative backdrop, the local bourse succumbed to tremendous stress to reverse course, but losses were somewhat marginal, as continuous nibbling from foreign funds, especially on weakness, helped keep Bursa within a narrow band. At the final bell, the FBM KLCI suffered only a small drop of 3.17 points to 1,524.18 in lacklustre trading on Tuesday. In another sluggish session, the key index flirted within an intra-day high and low of 1,627.07 and 1,623.92, a very tight 3.15 points throughout before ending at 1,624.14, shedding 0.04 of a point on Wednesday, ignoring the strong rebound in global stocks, boosted by positive US housing data and comments by the US Federal Reserve reassuring investors about its stimulus policy to boost the world's largest economy. On Thursday, world markets climbed higher on follow-through interest, as strong demand at an auction of Italian government debt added to the upbeat note. Apparently, investors could not ignore the bullish offshore tone any longer and they came out to indulge in value buys. Heavyweights led the way, driving the FBM KLCI up 13.49 points to 1,637.63 on Thursday. And yesterday, the key index ended almost flat, down 0.19 point to 1,637.44 due to mild profit-taking. Statistics: Week-on-week, the principal index was up 15.36 points, or 0.9% to 1.637.44, against 1,622.08 on Feb 22. Total turnover for the week stood at 4.435 billion shares valued at RM7.76bil, compared with 5.021 billion units worth RM7bil done previously. Technical indicators: The oscillator per cent K and the oscillator per cent D of the daily slow-stochastic momentum index retained the buy call but were fast approaching the top. Likewise, the 14-day relative strength index sustained the upward thrust to settle at the 66 points level, up from a reading of 32 the previous week. Meanwhile, the daily moving average convergence/divergence (MACD) histogram and the daily trigger line continued to strengthen, inching nearer to the zero thresholds. It had issued a buy on Monday. Weekly indicators also were on the mend, with the weekly slow-stochastic momentum index triggering a buy and the downward pressure of the weekly MACD slowing. Outlook: Bursa rebounded on renewed bargain hunting interest the past week. It was a sweet recovery although gains were small and volumes were missing. Going forward, overall market sentiment is expected to improve, with the closely-watched Dow flirting within a striking distance of its historical apex and most stock exchanges in the region trading at multi-year highs helping to boost investors' confidence. Based on the daily chart, the key index had breached the important 200-day simple moving average (SMA) and it is now firming towards the 100-day SMA and the 50-day SMA. Combined with the pictogram of the 14-day SMA reversing up and the landscape painting an imminent "golden crossing" against the 21-day SMA, it looks like a new leg of uptrend may be in the making. Technically, indicators are changing for the better swiftly, implying more upward momentum in the immediate term. If the bulls can clear the 1,647-point barrier and charge forward to pierce the heavy resistance of 1,652 points, a re-test of the historical peak of 1,699.68 or the 1,700-point psychological barrier is on the cards. Thereafter, resistance can be expected at every 20-point or 30-point interval. Current support is envisaged at the 1,625 points and the lower 1,590 points will act as the concrete floor. |
| Posted: 01 Mar 2013 06:32 PM PST NICOLE Tan (pic) has returned to Malaysia to helm JWT Kuala Lumpur effective March 4. The advertising agency says in a statement that Tan, whose career with JWT spans multiple roles in Malaysia and China, replaces Param Sakia as managing director. Tan, who has been in the industry for more than 16 years, began her career at JWT KL in 1996, where she worked on a range of accounts, including De Beers, Kraft and Roche. She later moved to Grey, where she spent four years working on a regional P&G role. She then returned to JWT KL, rising to the position of business unit head and leading accounts such as Nestle, Nokia, Ford, Sony, Reckitt Benckiser and YTL Communications. In 2010 Tan moved to JWT Beijing, where she served as the business director for the Nokia China account. During her tenure she led multi-agency teams to develop insight-driven creative content that worked across social media and offline channels. JWT Beijing won multiple awards for the Nokia N9 campaign, including the 2011 Nokia Global Sales & Marketing Grand Prix Award and the 2012 China ROI Gold Award. Tan says she is delighted to be coming back to Malaysia and to lead the agency she grew up with. "I look forward to working together with the talented team at JWT KL to ensure the growth and momentum of the agency," she says. JWT Asia Pacific chief executive officer Tom Doctoroff says Tan is passionate about great creative that works. "She knows the Malaysian business environment and our team on the ground, inside out. She is a shrewd strategist, boasts extensive experience across a broad range of industries and, finally, has a winning combination of heart and drive." JWT, headquartered in New York, has more than 200 offices in over 90 countries employing nearly 10,000 marketing professionals. |
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