THE local stock market and other Asian bourses closed lower yesterday following the sharp pullback on Wall Street on Monday. Declining counters overwhelmed advancing counters by 705 to 173.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) fell from a day high of 1,459.58 to a day low of 1,433.97 yesterday. It closed at 1,439.94, a day-on-day loss of 25.41 points, or 1.73 per cent.

KFC Holdings (M) Bhd staged a technical rebound to close at RM3.37, giving a day-on-day loss of 12 sen, or 3.44 per cent.

Chartwise, KFC’s daily price trend fell from its intra-day high of RM3.94 on August 16 to its intra-day low of RM3.17 on September 26, a loss of 77 sen, or 19.54 per cent.

Its 60-minute price trend breached the support of its short-term uptrend (B1:B2) yesterday and continued to stay below it.

Its 60-minute fast MACD (Moving Average Convergence Divergence indicator) stayed below its 60-minute slow MACD yesterday. Both of its 60-minute fast and slow MACDs continued to stay above their respective neutral reference lines.

KFC’s 60-minute price trend is likely to stage a technical rebound, in re-challenging its overhead resistance at the RM3.38-RM3.50 levels over its near-term perspectives.–BTimes

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