Local Market Leads:
♦ Local market continued to edge higher for a second day on Thursday amid mild bargain-hunting support on selective blue chips.
♦ Upon closing, the FBM KLCI added another 1.72 pts or 0.12% to 1,463.50, after institutional investors drove up index-linked stocks, like Maybank (+9sen), MAS (+12sen) and AMMB (+8sen).
♦ But on the broader market, trading sentiment turned cautious, partly due to the heavy T+4 selling pressure from last Friday’s 1.73bn shares transacted, as well as the weaker sentiment in most of the regional markets.
♦ Leading the downside was the Nikkei 225 that slumped 1.99% to defy the 1.72% rebound on the Shanghai Composite following the latest announcement of a less tougher-than-expected tightening measures on property.
♦ Daily turnover increased for the first time in four trading days to 1.05bn shares, from 905m shares a day earlier.
However, the market breadth turned negative with 399 losers against 329 gainers.
Market Technical Reading : Optimism On A Technical Rebound Persists...-01/10/2010
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