Local Market Leads:
♦ Dampened by the poor regional sentiment amid more tightening fears, the local market closed lower on Tuesday.
♦ Shanghai Composite resumed trading yesterday with 1.23% dip in reaction to the Chinese central bank’s 50 bps hike on banks’ reserve requirement over the weekend, which stoked worries of an imminent interest rate hike ahead. Also, China’s Apr purchasing managers’ index released by HSBC fell to 55.4 from 57 in Mar, pointing to a slower manufacturing activitiy.
Mandarin Version - Market Technical Reading - A “Double Top” Formation Likely... - 5/5/2010
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