Local Market Leads:
♦ Dogged by further profit-taking pressures in the big caps as well as the poor regional sentiment, the FBM KLCI experienced another strong selling day on Monday.
♦ Plantation heavyweights, like IOICorp (-13sen) and Sime (-13sen), and key banking stocks, CIMB (-16sen) and PBBank (-16sen) ranked among the top draggers.
♦ This resulted in another 11.53 pts or 0.88% decline to 1,299.67 in the FBM KLCI, even as the key Asian markets such as Hang Seng (-0.62%) managed to engineer a late recovery.
♦ Regionally, sentiment was dampened by speculation over potential monetary tightening moves in China and news that Moody’s Investor Service warned that the UK could lose its top credit rating. Shanghai Composite and Taiwan Weighted led the downside by sliding 1.21% and 1.46% respectively.
♦ Compared to last Friday’s 716m shares, turnover increased to 765m shares yesterday. Bears are still in control with losers overwhelming gainers by a ratio of more than 2 to 1.
Mandarin Version : Market Technical Reading :Must Stabilise Around 1,300 To Attract Bargain Hunters...16/03...
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