Local Market Leads:
♦ Dragged down by the sluggish performance in the Asian bourses, the local market reversed its earlier gain and closed flat on Thursday.
♦ Earlier, investors responded positively to Astro’s privatisation news and another overnight gain in US markets amid rising appetite on riskier assets after the US Fed kept rates at a low level.
♦ Enthusiastic investors snapped up Malaysian tycoon Ananda Krishnan’s related stocks, such as Astro (+67sen) and Tanjong (+28sen) following a proposal to take Astro private in a RM8.5bn deal.
♦ But just after hitting an intraday high of 1,307.24, profit-taking pressures reemerged alongside with the fresh selling in Asian markets in the afternoon. It was reported that a senior Greek official said the country may seek financial aid from the International Monetary Fund (IMF), rekindling fears of debt problems in the Eurozone.
♦ For the day, the FBM KLCI ended flat at 1,301.94, off its high of 1,307.24. Turnover slowed to 677m shares, with 364 losers leading 302 gainers.
Market Technical Reading : Must Stay Above 1,300 To Protect The Current Recovery...-19/03/2010
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