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To: StanX Long who wrote (58332)	1/2/2002 9:06:32 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Thursday January 3, 9:02 AM Malaysian stocks seen rebounding, boosted by U.S. KUALA LUMPUR, Jan 3 (Reuters) - Malaysian stocks, after starting the New Year on a sour note, are seen rising on a technical rebound on Thursday, helped by gains on Wall Street. sg.biz.yahoo.com The local market, in overbought territory after last month's nine percent rally, succumbed to profit-taking on Wednesday after the government cut its 2002 economic growth forecast to 3.0 percent, slightly below consensus expectations. But dealers said investors are likely to switch to a more optimistic mood as continuing signs of revival in the world's biggest economy raise confidence for a U.S.-led recovery sooner-rather-than-later this year. They also said Wednesday's near two percent drop trimmed the local market's overbought positions and its relative strength index is now down to 62 from 89 previously. "The bullish trend is still intact and we think the market may be ready to resume a test of the 700-point resistance," said an analyst at a local brokerage. The 100-stock Kuala Lumpur Composite Index <.KLSE> ended down 1.9 percent or 13.26 points at 682.83 on Wednesday. The relative strength index is a tool used by technical analysts to track if a market has been overbought or oversold, and a level above 70 indicates risk of downside correction if there is insufficient follow-through buying.