Local Market Leads:
♦ Boosted by the overnight US markets rebound and the regional bourses’ strength, the local market staged a firm recovery on mild bargain-hunting supports yesterday.
♦ Investors returned to snap up stocks, encouraged by news of split votes in the US Securities and Exchange Commission’s (SEC) decision to charge Goldman Sachs for fraud earlier. This has eased concerns that other banks could be sued. The strong earnings from Citigroup also renewed optimism over the 1Q reporting season.
♦ In fact, investors also overlooked the additional property tightening measure in China, and an increase on the key interest rate by the Indian central bank. Beijing said it would ban property developers from accepting prepayment on uncompleted housing without official approval.
♦ Recovery momentum strengthened in the afternoon after European markets started the day on a stronger note, joining rebounds across Asian regional markets, such as SET (+5.43%) and Hang Seng (+1.02%).
♦ The FBM KLCI jumped 9.23 pts or 0.70% to 1,335.90 for the day. However, turnover slowed to 797m shares from Monday’s 813m shares. There were 456 counters up versus 230 counters down.
Mandarin Version- Market Technical Reading : Removal Of The 10-day SMA Crucial To Regain Upside Momentum......
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