Local Market Leads:
♦ Buoyed by the overnight US rally, the local market extended its recent recovery for a second day on mild followthrough buying supports on Tuesday.
♦ But, its gains were capped by fresh profit-taking activities on selective blue chips, like Axiata (-6sen) as well as the mid-day weakness in key regional markets like HSI (-0.72%) and SHComp (-0.48%).
♦ The benchmark FBM KLCI hit an intraday high of 1,292.81, before ending up with 4.67 pts or 0.36% gain to 1,288.07.
♦ Turnover, however, declined to 839m shares from Monday’s 1.05bn shares. Market breadth remained negative with 405 counters down leading 323 counters up.
♦ Externally, most Asian markets ended higher, as investors factored in news that the Reserve Bank of Australia has hiked its key interest rate by 25 bps. This is the fourth time the central bank revised its rate higher.
Mandarin Version : Market Technical Reading : Short-term Upswing Momentum Still Intact…-03/03/2010
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