Local Market Leads:
♦ The local bourse made a strong comeback by hitting a fresh year high on Thursday, aided by a strong recovery in the overnight US markets as well as a rebound in the regional markets.
♦ And as investors continued to chase up the core heavyweights, like Sime (+12sen), Maybank (+9sen) and IOICorp (+9sen), the FBM KLCI surged 11.03 pts or 0.79% to 1,408.00 for the day.
♦ But overall market sentiment appeared sluggish, as reflected in the lower daily trading volume and the lack of trading leads for the broader market.
♦ Elsewhere, Asian markets took advantage on the overnight positive reversal in the US markets by kicking off a mild recovery move. Also, due to the same reason, the European markets opened sharply higher yesterday.
♦ There were only 685m shares transacted throughout the day compared to 873m shares recorded a day earlier.
Market breadth turned positive for the first time in five trading days with 353 advancers against 333 decliners.
Mandarin Version -Market Technical Reading : Further Confirmation Needed To Resume Upside Momentum…-27/08/2010
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