Local Market Leads:
♦ In tandem with the global selloff amid the credit-rating downgrades on Greece and Portugal, the local market extended its selling activities on Wednesday.
♦ Standard & Poor’s on Tuesday downgraded Greece's debt rating to “junk” status and cut Portugal's rating by two levels, triggering a sharp correction in the overnight US and European markets on fears of possible contagion effect from Greece and uncertainties over the outlook of other indebted Eurozone members.
♦ Coupled wth the powerful selloff in early European markets, most Asian bourses stayed deep in the negative territories. The Nikkei 225 led yesterday’s selldown with a 2.57% slump for the day.
Market Technical Reading - Investors Likely To Stay At The Trading Bay...- 29/4/2010
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