Local Market Leads:
♦ Weighed down by strong selloff on the heavyweight, Sime, the local bourse snapped the recent recovery and turned lower on Friday.
♦ The overall market sentiment stayed under pressure throughout the day, as a correction in the overnight US markets and the sentiment in overseas bourses overwhelmed relief from the newly announced strong 1Q GDP.
♦ The FBM KLCI’s biggest dragger, Sime skidded 40sen or 4.62% to RM8.25, after announcing an additional RM964m loss provisions for four projects. Sime’s decline contributed some 4.9 pts to the FBM KLCI’s retreat. The index finished 7.62 pts or 0.57% lower to 1,339.30 on Friday.
♦ As investors turned defensive again, turnover shrunk to 682m shares from 906m shares earlier. Market breadth turned negative with losers outpacing gainers by 371 to 293.
♦ Selling further accelerated in the afternoon when the European markets performed poorly and that most of the Asian markets ended lower with losses ranging from 0.44% (FTSTI) to 1.57% (Sensex).
Market Technical Reading - The Toppish Pattern Remains Intact... - 17/5/2010
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