Local Market Leads:
♦ Local market extended its profit-taking leg for a second day on Monday, despite Asian stocks rallied on the betterthan- expected US jobs data on last Friday and the ringgit strengthened further to 3.1150 versus the US dollar.
♦ Also, most investors preferred to lock in profit ahead of the Hari Raya’s long weekend holidays later in the week.
♦ Upon closing, the FBM KLCI eased another 0.99 pt or 0.07% to settle at 1,434.68, but off its day low of 1,431.68 (-3.99 pts).
♦ Though the US markets were closed for the Labour Day on Monday, Asian indices rose on the US’ lesser-thanexpected jobs losses on Friday. Nikkei 225 rallied 2.05%, and Sensex soared 1.86%.
♦ But as lower liners failed to gather enough follow-through buying support, daily turnover contracted further to 744m shares, from last Friday’s 922m shares. Market breadth also turned negative for the first time in three trading days with 370 decliners outpacing 316 advancers.
Market Technical Reading : Sentiment Likely To Stay Lethargic Today…-07/09/2010
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