Local Market Leads:
♦ Knocked down by a 376-pts plunge in the overnight US DJIA amid growing worries that the Eurozone debt crisis would halt the global economic recovery, the FBM KLCI fell further on broad-based selling on Friday.
♦ Led by heavy sell off on heavyweights like banking stocks, the FBM KLCI tumbled 18.43 pts or 1.41% to 1,285.73, extending its losing streak for a sixth trading day.
♦ Overall trading sentiment remained bearish, even as most of the regional indices recovered mildly in the afternoon on news that the US Senate has passed the financial overhaul legislation in late Thursday as well as a rebound in the euro.
♦ But with the European markets remaining weak, selling activities in the local market remained strong late last week.
♦ Total volume traded increased to 886m shares, higher than 765m shares a day earlier, while market breadth was extremely bearish. Losers topped gainers by 678 to 145.
Market Technical Reading :Strong Support-turn-resistance Level At 1,300...-24/05/2010
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