Local Market Leads:
♦ The local bourse finished sharply lower yesterday, weighed down by the T+3 selling pressure from Monday’s 1.16bn shares traded, as well as fears of a possible tightening move in China.
♦ Earlier, the FBM KLCI climbed to another fresh 2-year high at 1,334.34 following another overnight rebound in the Wall Street.
♦ But the buying momentum fizzled out in mid-morning when Chinese markets, Shanghai Composite and Hang Seng staged a negative reversal on fears that China’s higher-than-expected inflation data could spark more tightening measures from Beijing.
♦ Even with a recovery in Chinese markets later in the afternoon, the FBM KLCI remained under pressure, due to the T+3 selling pressure on big cap stocks. For the day, it closed 6.79 pts or 0.51% lower at 1,321.43.
♦ Compared to Wednesday’s 934m shares, turnover slowed to 792m shares yesterday. There were 440 decliners against 274 advancers.
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