Local Market Leads:
♦ Led by the last minute push-up on selective heavyweights, the local market recouped most of its loss ground on Wednesday and ended flat.
♦ Earlier, Bursa Malaysia opened lower, as sentiment was hit by the overnight triple-digit fall on the US DJIA amid renewed concerns on the health of the European banking sector. Nikkei 225 led the falls by losing 2.18%, while Hang Seng index trimmed 1.46% for the day.
♦ This prompted the cautious investors to continue unloading stocks, as the local market will be closed from Thursday’s afternoon session and Friday for the Hari Raya celebration.
♦ The FBM KLCI declined as much as 6.02 pts to the 1,428.66 low, before narrowing its losses to only 0.13 pt or 0.01% to 1,434.14 on the late push-up on IOICorp (+11sen) and Genting (+6sen).
♦ Overall turnover continued to shrink to 607m shares, versus Tuesday’s 642m shares. The bears were in control with 409 losers outweighing 263 gainers.
Market Technical Reading : Muted Trading Sentiment Expected…-09/09/2010
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