Local Market Leads:
♦ As fears over a contagion effect from the Greece debt crisis hit the global markets badly yesterday, Bursa Malaysia extended its pullback for a second day on Wednesday.
♦ Asian markets bore another strong selling wave in the early session following massive selloff in the overnight European and US markets amid speculation that Spain and Portugal could face debt default threats soon.
♦ Though bargain-hunting support picked up slowly in the afternoon after a positive reversal in the Shanghai Composite (+0.77%), most of the other markets remained depressed on weak opening in the European markets. As a result, Hang Seng shed 2.10%, while FTSTI slumped 1.41%.
♦ As for the local market, the FBM KLCI managed to secure mild buying support after sliding as much as 17.64 pts in the early session. At the close, the benchmark finished down only 7.24 pts or 0.54% to 1,335.65.
♦ Overall turnover increased to 861m shares, compared to Tuesday’s 767m shares. There were 531 decliners against 193 advancers.
Market Technical Reading - The FBM KLCI Is Ready To Trigger A Correction Now... - 6/5/2010
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