Business Times

SHARES on Bursa Malaysia advanced in earnest, riding on the sharp two-day rebound on Wall Street and regional stock markets yesterday, as the scoreboard showed rises out-pacing falls by 499 to 269.

The benchmark Kuala Lumpur Composite Index (KLCI) fell from its intra-day high of 1,379.55 all the way to its intra-day low of 1,366.21 yesterday, before closing at 1,374.32 giving a day-on-day gain of 7.74 points, or 0.57 per cent.

Berjaya Corp staged a technical rebound yesterday.

Its daily price trend rebounded to close at RM1.13, posting a day-on-day gain of 15 sen, or 15.31 per cent.

Chartwise, Berjaya's hourly price trend fell from its intra-day high of RM1.26 on October 29 all the way to its intra-day low of 96.5 sen Wednesday, posting a total loss of 29.5 sen, or 23.41 per cent.

Its hourly price trend staged a technical breakout out of its short-term downtrend (B3:B4) yesterday.

It continued to stay below its intermediate-term downtrend (B1:B2).

Its hourly fast Moving Average Convergence/Divergence (MACD) indicator staged a "golden cross" of its hourly slow MACD yesterday.

Both its hourly fast and slow MACDs continued to stay above their respective neutral reference lines.

A decisive breach of its intermediate-term downtrend will then witness Berjaya's hourly price trend staging a re-challenge of its previous resistance high of RM1.26.

The subject expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.