Local Market Leads:
♦ In the absence of positive trading catalysts, the local market snapped the recent rebound by ending slightly lower
on Wednesday.
♦ Most investors adopted a cautious stance, ahead of the Bank Negara’s Monetary Policy Committee (MPC) meeting on Thursday. The Central Bank is expected to increase its overnight policy rate by 25 bps to 2.25%.
♦ At the close, the FBM KLCI eased 1.97 pts or 0.15% to end at 1,286.10, weighed down by losses in Sime (-8sen) and CIMB (-12sen).
♦ Turnover stayed flat at around 864m shares compared to Tuesday’s 839m shares. However, there were 402 decliners against 294 advancers.
♦ Elsewhere, majority of the regional indices enjoyed an extended rally for a third consecutive day amid optimism that Greece would announce a series of austerity measures to cut its deficits on Wednesday night, which will ease investors’ worries over the recent debt crisis in some Eurozone countries.
Market Technical Reading : Short-term Downside Buffered By The 10-day and 40-day SMAs …-04/03/2010
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