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.
Market Technical Reading : Further Upside Potential In The Near Term...-12/10/2010
No comments:
Post a Comment