Local Market Leads:
♦ Fears of further tightening measures from the Chinese government on its property sector have dampened sentiment in the regional markets. Bursa Malaysia closed weaker on Tuesday.
♦ Apart from that, uncertainties arose from the Greek bailout deal and the upcoming US FOMC meeting kept investors in a defensive mood. German Chancellor Angela Merkel said that the Greek bailout isn’t a done deal.
♦ Shanghai Composite slumped more than 3.5% at one point, before narrowing losses to 2.07% to end at 2,907.93. Hang Seng index tumbled 325 pts or 1.5% to 21,261.79.
♦ Selling was strong throughout the day, but the late support on local bluechips, BAT (+50sen), Digi (+18sen) and Genting (+3sen) saved the FBM KLCI from the day’s low. It eased 0.35pt or 0.03% to 1,339.72.
Market Technical Reading - Sentiment Deteriorating...
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