Local Market Leads:
♦ As the sell off across Asian regional markets intensified amid signs of a deepening European debt crisis, Bursa
Malaysia gave up its early rebound and turned lower on Thursday.
♦ European leaders warned that the Greece debt crisis could spread to other weak Eurozone members. Also, investors turned cautious following Moody’s Investors Service’s warning of a potential cut in Portugal’s debt rating
and a deadly riot in Greece could complicate the government’s efforts to carry out measures to cut its deficit.
♦ Not helping either, a 4.11% plunge on the Shanghai Composite amid ongoing domestic tightening pressure also spooked Asian investors as well as our local investors.
♦ As a result, the FBM KLCI reversed its early gains and shed an additional 3.78 pts or 0.28% to finish at 1,331.87.
♦ Turnover rose for a second day to 899m shares from the 861m shares a day ago. Underlying market tone stayed bearish for a fourth day with losers leading gainers by a ratio of nearly 5 to 1.
Market Technical Reading - Potential Test To The 1,300 Psychological Level Today... - 7/5/2010
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