Local Market Leads:
♦ Lifted by the last-minute purchase on selected blue chips, the local market reversed its sluggish trading and ended slightly higher yesterday.
♦ The close was in line with the overnight US DJIA’s triple-digit gain on the stronger quarterly earnings from JPMorgan Chase and Intel Corp.
♦ Thanks to the late push-up on Axiata (+9sen), Genting (+9sen) and HLBank (+21sen), the FBM KLCI bounced back from the negative territory to add 2.94 pts or 0.22% to 1,338.83. Turnover increased to 1.05bn shares, but market breadth reversed to the negative zone with 406 losers outpacing 293 gainers for the day.
♦ Elsewhere, after enjoying good early run-ups, Asian markets finished mixed on afternoon profit-taking activities on the back of fears that the much stronger China 1Q GDP growth would force the country to impose more tightening measures in bids to cool down the overheating economy.
♦ China’s GDP recorded a stunning 11.9% rise yoy in the first quarter, exceeding expectation of 11.5%.
Mandarin Version -Market Technical Reading : Expect More Cautious Sentiment Ahead...-16/04/2010
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