Local Market Leads:
♦ Bashed down by the last-minute selldown in selective blue chips, Bursa Malaysia overturned the afternoon recovery and ended lower on Monday.
♦ This was driven by the selloff in most Asian markets, as regional investors turned cautious after the Reserve Bank of India increased its interest rates last Friday, fearing it might signal more tightening activities in other economies soon.
♦ Apart from that, regional sentiment was undermined by a sharp drop in the US futures markets, clouded by uncertainties on the US stock markets’ near-term direction after the US House of Representatives passed the health-care legistration by 219 to 212 vote in late Sunday.
♦ Back home, the FBM KLCI shed 2.95 pts or 0.23% to 1,293.65, after climbing to the positive territory at one stage amid the reemergence of bargain-hunting supports in the early afternoon session.
♦ Turnover rose to 675m shares from last Friday’s 575m shares with 364 counters lost outpacing 301 counters up.
Market Technical Reading : Further Selling Pressure Likely Today...-23/03/2010
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