Local Market Leads:
♦ Bursa Malaysia bowed to the strong selling pressure on Friday, as sentiment was depressed by a sharp fallout in key Asian markets following China’s new measures to cool down its property sector.
♦ China government raised the minimum downpayment for second-home buyers to 50%, compared to the previous 40% in order to curb property speculation. This stoked fears that tougher moves by Beijing to control its overheating economy and property sector might be underway.
♦ Besides, regional investors also turned cautious after the US jobless claims unexpectedly rose last week as well as the US futures markets fell on Google’s weaker-than-expected quarterly profit.
♦ And with Nikkei 225 (-1.52%) and Hang Seng (-1.32%) leading the selldown, the FBM KLCI slid 6.06 pts or 0.45% to 1,332.77 for the day.
♦ Turnover decreased sharply to 784m shares, down from 1.05bn shares earlier. Market breadth stayed negative, as counters down overwhelmed counters up by a ratio of 2.5 to 1.
Mandarin Version - Market Technical Reading : Short-term Technical “Sell” Mode Ahead... - 19/04/2010
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