Local Market Leads:
♦ Bursa Malaysia bucked the regional uptrend and reversed its early gains to close lower late Wednesday amid renewed profit-taking pressures on key heavyweights, like Tenaga and CIMB.
♦ Earlier, local sentiment was buoyed by the continuous recovery in the overnight Wall Street amid optimism on the current quarterly reporting season.
♦ Investors snapped up stocks after an upbeat quarterly result from US Apple Inc, but played down the multiple lawsuits against financial giant, Goldman Sachs. They also ignored the recent tightening news in China.
♦ As a result, the Shanghai Composite rose 1.8%, followed by gains in Nikkei 225 (+1.74%) and KOSPI (+1.72%).
♦ In contrast, the local FBM KLCI dropped 2.26 pts or 0.17% to close at its day low of 1,333.64 after gaining as much as 3.15 pts to 1,339.05 high earlier. Turnover increased to 875m shares from 797m shares previously. Market breadth was positive with 399 gainers leading 288 losers.
Market Technical Reading : The Short-term Trend On The FBM KLCI Remains Negative...-22/04/2010
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