Local Market Leads:
♦ Weighed down by continuous selling in big caps plantation stocks like Sime and IOICorp, the local market extended its losing streak for a seventh trading day on Monday.
♦ Although the FBM KLCI tried to pare down its losses following a recovery in most of its regional peers, selling returned in the late session after a poor opening in the European markets. For the day, the local benchmark fell 12.04 pts or 0.94% to 1,273.69, after slumping as much as 21-pts in early session.
♦ Shanghai Composite once again stole the limelight, scoring another 3.48% gain from the recent more than 1-year low amid expectation that the China government might slow down its tightening pace in view of escalating European debt crisis.
♦ In fact, the strong rebound in China market has temporarily cooled down tension in geopolitical uncertainties over the spat in two Koreas, over the sinking of S. Korea’s navy ship months ago.
♦ Turnover, however, dropped to 662m shares, against 886m shares on last Friday. Market breadth stayed bearish for the fourth day with 415 counters down topping 252 counters up.
Mandarin Version - Market Technical Reading :Avoid Catching A “Falling Knife”...25/05/2010
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