Mah Sing 's follow-through rally likely

THE Hong Kong and Tokyo stock markets fell in unison yesterday, dragging Bursa Malaysia down with them.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) consolidated in step with regional stock market indices.

The FBM KLCI rebounded from a day high of 1,558.84 to a day low of 1,553.39 yesterday. It closed at 1,554.85, giving a day-on-day loss of 3.16 points, or 0.20 per cent.

Declining counters outpaced advancing counters by 496 to 307 on the market.

Mah Sing Group Bhd's price trend moved higher to close at RM2.44, giving a day-on-day gain of 4 sen, or 1.67 per cent.

Chartwise, Mah Sing's daily price trend fell from its intra-day high of RM2.63 on July 8 to its intra-day low of RM2.14 on July 19,a loss of 49 sen, or 18.63 per cent.

Its 60-minute price staged a technical breakout of its intermediate-term downtrend (B1:B2) yesterday and continued to stay above it.

Its 60-minute fast MACD (moving average convergence divergence) stayed above its daily slow MACD yesterday. Both of its 60-minute fast and slow MACDs continued to stay above their respective neutral reference lines.

Mah Sing's 60-minute price trend is likely to stage a follow-through technical rebound to its immediate overhead resistance (RM2.45 to RM2.55).

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