Local Market Leads:
♦ Local market resumed trading on Monday after a three-day break with a powerful rally, as sentiment improved by the recent announced quarterly earnings that generally surpassed market expectations.
♦ Also, the strong run-up in major regional indices like Hang Seng (+2.18%) and Shanghai Composite (+1.18%) on China Premier Wen Jiabao’s reiteration of a “moderately loose” monetary policy for China this year and a rally in resource-related stocks following the Chile’s powerful earthquake buoyed local sentiment yesterday.
♦ Top heavyweights like CIMB (+44sen), Axiata (+16sen), Sime (+15sen) and IOICorp (+8sen) led the market higher on strong institutional participation.
♦ Upon closing, the FBM KLCI surged 12.62 pts or 0.99% to 1,283.40, touching its highest level since end-Jan.
♦ Daily turnover continued to improve, as volume surged to 1.05bn shares. But the market breadth was negative, as 398 losers surpassed 355 gainers.
Market Technical Reading : Sentiment Turning More Upbeat…-02/03/2010
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