Local Market Leads:
♦ Lifted by a rally across the regional markets amid signs of strengthening economic recovery in major Asian countries, the local market staged an early rally on Thursday.
♦ China’s manufacturing activity rose more than expected to 57 in Mar from 55.8 in Feb. Meanwhile, the Bank of Japan’s quarterly tankan survey of business sentiment showed confidence among the nation’s biggest manufacturers improved significantly to -14 in Mar, against -25 in Dec.
♦ These lifted the negative impact from the overnight US markets’ retreat amid an unexpected drop in US private sector employment.
♦ Back home, the FBM KLCI ended up 9.27 pts or 0.70% to 1,329.84, led by strong gains in MISC (+33sen), CIMB (+32sen) and IOICorp (+5sen).
♦ However, turnover dropped further to 807m shares, from 961m shares on Wednesday. Market breadth turned positive with 423 counters up against 316 counters down.
Market Technical Reading : Low Volume The Main Dampener To Short-term Trading - 02/04/2010
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