Local Market Leads:
♦ Due to the last-minute selling activities on selective blue chips, the FBM KLCI plunged from its early gain to end flat last Thursday. The financial market was closed on Friday.
♦ Investors dumped blue chips, like Sime (-13sen), YTL (-19sen) and PetGas (-14sen) in the final minute, causing an abrupt pullback on the local benchmark. It ended flat at 1,270.78, erasing all its gains of about 7 pts earlier.
♦ Prior to that, investors bought stocks after taking cues from the impressive quarterly earnings from Axiata (+23sen) and the overnight US rebound amid the US Federal Reserve chairman Ben Bernanke’s reassurance that the Fed would keep the current ultra-low interest rate for some time to come.
♦ Trading volume increased to 867m shares from Wednesday’s 650m shares. Market breadth was mixed with 352 decliners against 349 advancers.
♦ Regionally, most Asian markets’ sentiment was dampened by news of the international rating agency S&P warning of a potential downgrade in Greece’s credit rating within a month.
Market Tecnical Reading : Likely To Retreat EarlyThis Week…-01/03/2010
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