Local Market Leads:
♦ Pressured by another wave of strong sell off across the Asian region amid worries that aggressive measures to cut the deficit in European countries would derail the region’s economic growth, Bursa Malaysia extended its losing streak for a second day on Monday.
♦ Talks of a possible breakup of the EU also caused jitters among regional investors on escalating fears that the current debt crisis could deepen. The US$/EUR pair once dropped to 1.2233, its lowest level since Apr 2006.
♦ As a result, most Asian markets posted loss of more than 2% including Shanghai Composite which plunged 5.07% and Hang Seng which slid 2.14%.
♦ But as local investors tracked a firm rebound in the early European markets, the FBM KLCI trimmed its losses to only 5.03 pts or 0.38% to 1,334.27 from an early loss of 12.3 pts.
♦ Turnover for the day merely reached 633m shares compared to last Friday’s 682m shares. Market breadth stayed under pressure with decliners overwhelming advancers by a ratio of 3 to 1.
Market Technical Reading - The Short-term Bearish Sign Still Sound... - 18/5/2010
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