Local Market Leads:
♦ Taking cues from the US Intel’s bullish earnings and sales forecast, Asian markets including Bursa Malaysia ended higher on Wednesday.
♦ The FTSTI rallied the most on a steep upgrade on the country’s 2010 GDP growth forecast, surging 1.62% to 3,019.74. But most of its regional peers pared down their gains due to the afternoon profit-taking activities.
♦ Besides the regional factor, a stronger ringgit also helped to improve bargain-hunting supports on the local market. The local unit appreciated to 3.1990 vis-a-vis the US dollar from 3.2210 after the Singapore central bank unexpectedly moved to tighten policy by allowing a stronger Singapore dollar going forward.
♦ But as profit-taking activities increased in the afternoon, the FBM KLCI gave up most of its gains to end with 1.37 pts or 0.10% higher at 1,335.89.
♦ Turnover breached below 1.0bn shares mark for the first time in eight trading days to 845m shares from Tuesday’s 1.03bn shares. Market breadth turned positive, with 375 counters up against 325 counters down.
Market Technical Reading : More Consolidation If Sentiment Fails To Improve Today...-15/04/2010
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