Tuesday, October 12, 2010

Mandarin Version : Market Technical Reading : Further Upside Potential In The Near Term...-12/10/2010

Local Market Leads:
♦ Underpinned by firm buying support on blue chips, Bursa Malaysia resumed its upward momentum by edging higher on Monday.
♦ Blue chips, especially plantation heavyweights, Sime (+11sen) and IOICorp (+8sen) ended in a strong note, as sentiment was bolstered by a surprise rally on crude palm oil futures.
♦ CPO for the third month contract soared RM170 or 6.16% to RM2,930/tonne, as traders responded positively to the news that the USDA has cut its forecasts on soybean and corn harvests.
♦ Apart from that, the gains in the Wall Street on last Friday also supported the sentiment on the local bourse, as the poor US jobs data reinforced hopes of further quantative easing measures from the US Federal Reserve.
♦ After the close, the FBM KLCI was up 6.00 pts or 0.41% to a fresh year high of 1,487.41.
♦ Overall daily turnover remained robust at 1.09bn shares, and counters up beat counters down by 479 to 287.

Mandarin Version : Market Technical Reading : Further Upside Potential In The Near Term...-12/10/2010

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