Local Market Leads:
♦ The local market gave up its early rebound by extending its recent losing streak for a fourth consecutive day on Tuesday.
♦ Earlier, the market experienced a brief rebound to above the 1,300 psychological level, as the FBM KLCI rose to a high of 1,304.43 on fresh bargain-hunting supports.
♦ The recovery, however, hit a snag following the resumption of selling activities on key blue chips, like Maxis (-6sen) and CIMB (-12sen) in the afternoon.
♦ Also, investors turned cautious ahead of the US FOMC meeting outcome on Tuesday.
♦ Upon closing, the FBM KLCI managed to narrow its losses by easing 0.81 pt or 0.06% to 1,298.86, thanks to the last-minute buying in key blue chip, Sime (+7sen).
♦ Turnover reduced further to 679m shares from Monday’s 765m shares. Market breadth remained under stress with decliners outpacing advancers by 361 to 290.
Market Technical Reading : A Potential Technical Rebound Ahead!-17/03/2010
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