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2011 Market Outlook & Strategy:
- Gravitate towards fundamentals as capital flow normalises.
- Short-term volatility, there is still room for the market to trend higher in 2011 given sustained economic and earnings growth.
- Our end-2011 FBM KLCI target has been revised up slightly to 1,700, from 1,640 previously
- Construction and property would be the sectors to focus in the immediate term
- Positive on the banking, oil & gas, plantation, timber, gaming and telecommunications sectors.
Sector Call
- Banks: Banking on another good year.
- CIMB is our top pick for large cap stocks while Affin is our pick for the small-mid sized banks.
- Overweight stance maintained.
Corporate Highlights
AirAsia:
- To set up a low-cost carrier in the Philippines
- Fair value is RM2.10. Maintain Underperform.
Technical Highlights
Daily Trading Strategy:
- Negative sentiment expected to continue…
- Index to drift lower towards the Nov low of 1,474 and the critical level of 1,450 in the near term.
- Breaching of 1,450 will trigger a stronger selling pressure on the FBM KLCI going forward.
- Immediate resistances are now seen at the 1,500 psychological level and the 10-day and 40-day SMAs.
Daily Technical Watch: Scomi
- Failure to sustain at above RM0.36 and 10-day SMA will reinvite sellers…
- Immediate Support = RM0.36
- Immediate Resistance = RM0.435
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