Local Market Leads:
♦ The FBM KLCI closed lower and broke below the 1,300 psychological level on Friday, as investors extended their profit-taking activities on the index-linked counters.
♦ This was despite a firmer performance in the Asian regional markets in response to the eight straight days of gains in the overnight US DJIA. Topping the gainers’ list were SET (+2.1%) and Nikkei 225 (+0.8%).
♦ With the key blue chips like Sime (-9sen) and Maybank (-6sen) facing renewed selling pressure on Friday, the FBM KLCI dropped 5.34 pts or 0.41% to 1,296.60.
♦ Not only that, daily turnover declined further to 575m shares on Friday, down from 677m shares traded a day earlier. This was mainly attributed to the cautious sentiment ahead of the weekend.
♦ Market breadth stayed negative, as 357 counters down beat 278 counters up.
Market Technical Reading : Foresee Lukewarm Sentiment And Poor Volume Participation...-22/03/2010
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