Local Market Leads:
♦ Driven by the afternoon recovery in the regional markets, the local bourse turned around and ended positively on Thursday, thanks to the last minute push-up on key heavyweight stocks.
♦ Earlier, Asian markets’ sentiment was depressed by a sharp decline in the overnight European markets amid renewed concerns over Greece debt issue and fears of new financial regulations when US President Barack Obama delivers a speech later on Thursday.
♦ Besides, investors also showed nervousness on the recent tightening trend by Asian central bankers. Hong Kong government also proposed measures to avoid a housing bubble. These include a land auction to increase land supply and a possible hike on the transaction tax on properties valued at or below HK$20m.
♦ But mild bargain-hunting resurfaced in the late session, boosted by a strong reversal in major regional markets like FTSTI (+0.44%) and Sensex (+0.58%) after European markets rallied in their early session.
♦ This propelled the FBM KLCI into positive region, gaining 3.37 pts or 0.25% to 1,337.01 for the day. Turnover, however, declined to 834m shares from 875m shares on Wednesday, with 333 advancers against 307 decliners.
Mandarin Version : Market Technical Reading : Investors To Stay Sidelined Ahead Of The Weekend...-23/04/2010
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