Market Technical Reading : Any Rebound Would Likely Be Capped By The 10-day SMA...-20/04/2010

Local Market Leads:
♦ In the face of strong global selloff amid US Goldman Sachs lawsuit and fear of more tightening measures introduced by China, Bursa Malaysia extended its losing streaks for a second consecutive day on Monday.
♦ Wall Street was shocked by the US Securities and Exchange Commission’s (SEC) fraud charges against Goldman Sachs on last Friday, triggering a sharp pullback in the US markets on worries of stricter regulations on the US financial institutions going forward.
♦ It was also reported that UK, Germany and France would launch probes against Goldman Sachs soon.
♦ Regional sentiment worsen in the afternoon when the Shanghai Composite plummeted nearly 5% in response to another series of new tightening measures to control China’s property market, such as requiring banks to deny additional mortgages for home buyers who already own 2 or more properties.
♦ But with the return of mild bargain-hunting supports, the FBM KLCI slowly recovered from 1,321.40 low to end at 1,326.67, down by 6.10 pts or 0.46%. Turnover increased slightly to 813m shares, versus Friday’s 784m shares.

Market Technical Reading : Any Rebound Would Likely Be Capped By The 10-day SMA...-20/04/2010