Local Market Leads:
♦ Dragged by the last minute selloff on the heavyweights stocks, the FBM KLCI reversed its early gains and turned lower for the ninth straight day on Wednesday.
♦ Although the local benchmark index traded in the positive territory for most of the day amid strong rebound in the overseas markets, it ended negatively after investors dumped stocks like GenM (-15sen), Sime (-14sen) and Maybank (-8sen) in late trading hour yesterday.
♦ This caused the FBM KLCI to fall another 1.19 pts or 0.10% to 1,248.94, below the key 1,250 support level.
♦ Turnover was flat at 930m shares and the market breadth turned positive for the first time in six trading days with 426 advancers outpacing 320 decliners.
♦ Elsewhere, regional investors turned positive on the late recovery in the US markets, which have successfully shrugged off a nearly 3% slide in the early session.
♦ Leading the regional markets was Jakarta Composite index that has rallied 7.27% yesterday.
Mandarin Version - Market Technical Reading : More To Stay Sideline Ahead Of The Long Weekend...-27/05/2010
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