Local Market Leads:
♦ Local market marched higher for the fourth consecutive day on Wednesday, after major Asian markets turned around amid a strong rebound in the major European markets in the afternoon session.
♦ Earlier, Asian bourses extended their profit-taking activities amid on-going concerns that China would undertake ore tough measures to combat inflation and that Morgan Stanley has become another bank to be probed by the US federal prosecutors.
♦ But thanks to the afternoon rally, led by the 1% rally on Germany’s DAX on better-than-expected 0.2% GDP growth, the markets revived their trading sentiment. Germany’s 1Q GDP was expected to decline by 0.1% qoq.
♦ Hang Seng closed up 0.33% to 20,212.49, after retreated nearer to the 20,000 psychological support level.
♦ Likewise, the local market enjoyed a late recovery, where the FBM KLCI added 3.38 pts or 0.25% to 1,344.10.
♦ Nevertheless, market turnover fell for a third day to 667m shares from 782m shares. Market breadth was positive, as there were 362 counters gained compared to 241 counters lost.
Mandarin Version - Market Technical Reading : Remain Cautious On The FBM KLCI...-13/05/2010
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