Market Technical Reading : Rebound Possibly Just To Cover “Breakaway Gap” at 1,300...-01/06/2010

Local Market Leads:
♦ Stocks in Bursa Malaysia continued to climb higher, for the second day in a row on mild bargain-hunting activities on selected heavyweight counters.
♦ Stocks like Axiata (+8sen), Maybank (+20sen), IOICorp (+15sen) and Tenaga (+13sen) led the gainers list amongst the bluechips. For the day, the FBM KLCI was up another 15.85 pts or 1.25% to 1,285.01.
♦ However, overall sentiment remained lukewarm as investors generally stayed sideline amid lacking of interesting market leads.
♦ Regional markets closed mixed yesterday on quiet sentiment amid Memorial Day break on the US markets overnight. Hang Seng ended marginally negative, while FTSTI and Nikkei 225 ended 0.5% and 0.06% higher for the day.
♦ Overall turnover eased for a third day in a row to 761m shares from last Thursday’s 864m shares. Market breadth was thinly positive, with 364 gainers against 306 losers.

Market Technical Reading : Rebound Possibly Just To Cover “Breakaway Gap” at 1,300...-01/05/2010