Local Market Leads:
♦ The local bourse edged higher for a second day on Wednesday, recouping its earlier losses which were triggeredby the weaker-than-expected US overnight performance.
♦ US major gauges pared down most of its gains after the US service sector expanded at a slowest pace since Feb. This has renewed concerns on the health of the US economy.
♦ As a result, broad-based profit-taking activities happened across the regional markets, with an exception ofSHComp index (+0.49%). Hang Seng and Nikkei 225 dropped 1.13% and 0.63% each yesterday.
♦ Nevertheless, thanks to the late push-up, the FBM KLCI added 4.67 pts or 0.36% to 1,311.75, led by freshbuying momentum on Sime (+14sen) and Genting (+11sen).
♦ Although there were slight bargain-hunting activities, with rotational plays seen on selective lower liners, turnover reduced to 540m shares from 622m shares a day earlier. Market breadth turned negative, as losers outpacing gainers by 307 to 275.
Mandarin Version - Market Technical Reading : Surpassing the 10-day SMA Will Confirm A Technical Rebound......
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