Local Market Leads:
♦ The local bourse edged higher for a second day on Wednesday, recouping its earlier losses which were triggered by 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 of SHComp 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 fresh buying 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
Market Technical Reading : Surpassing the 10-day SMA Will Confirm A Technical Rebound...-08/07/2010
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