Local Market Leads:
♦ Bursa Malaysia continued its recovery leg on Thursday, propelled by strong gains in the overnight Wall Street and the regional markets amid upbeat earnings outlook from the US tech giants, IBM and Intel.
♦ In fact, a timely rebound in the China markets also cooled off the earlier concerns that the markets are heading into a deeper correction. Instead, the Shanghai Composite soared 2.06% on fresh support yesterday.
♦ Not only that, confidence gradually returned on the view that the Eurozone’s fiscal problems have finally stabilised. This lifted the regional sentiment, before seeing a late return of profit-taking activities in most markets.
♦ Locally, the FBM KLCI also narrowed its gains to 2.82 pts or 0.21% at 1,346.92 for the day. However, daily turnover finally showed signs of improvement by rising to 906m shares, after experiencing three days of decline. There were 396 gainers against 253 losers.
♦ After the close, Bank Negara announced a hike in its Overnight Policy Rate (OPR) by 25 bps to 2.50%, as widely expected. Separately, the Prime Minister announced that the 1Q GDP grew 10.1% on year, exceeding expectation of +9.6%.
Mandarin Version - Market Technical Reading : Tough Resistance Remains At 1,347 – 1,350...-14/05/2010
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