Local Market Leads:
♦ Dampened by strong selldown in Asian regional markets amid more signs of a global economic slowdown, the FBM KLCI surrendered to the sellers and ended lower at below the 1,400 psychological level on Wednesday.
♦ Investors decided to lock in their short-term profits after the overnight US DJIA posted a triple-digit loss following a worse-than-expected slump in the US existing home sales in Jul.
♦ Also, most of the regional peers suffered further correction on growing fears that the global economy could head into another recession. Nikkei 225 stumbled another 1.67% to a fresh year low even after the Japanese
government warned of a possible intervention on the recent spike in the yen.
♦ Back home, the FBM KLCI broke below 1,400 and closed 8.80 pts or 0.63% lower to 1,396.97.
♦ Turnover eased to 873m shares, from Tuesday’s 894m shares. Market breadth continued to deteriorate with counters down outpacing counters up by a ratio of nearly 3 to 1.
Market Technical Reading : Losing 1,390 and 10-day SMA Will Confirm A Correction Phase…-26/08/2010
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