Local Market Leads:
♦ Powered by growing confidence on Malaysia’s economic recovery going forward, Bursa Malaysia kicked off a strong rally, headed towards the 1,300 psychological barrier on Friday.
♦ Investors viewed the Central Bank's normalisation rate hike on Thursday as a confirmation of domestic economic recovery. This encouraged investors to snap up the heavyweights, like Maybank (+39sen) and Genting (+40sen).Penny stocks like AEM (+23.5sen) and Tranmil (+8sen) also gained on speculative interests.
♦ The rally in Asian markets also lifted the local sentiment, amid news that China has set an 8% GDP growth target for this year and hopes that Bank of Japan would ease its monetary policy further in the near term.
♦ Upon closing, the FBM KLCI rallied 15.69 pts or 1.22% to 1,299.78, near the 1,300 psychological hurdle.
♦ Overall daily turnover increased to 942m shares from 727m shares a day earlier. Market breadth turned positive for the first time in seven trading days, as gainers overwhelmed losers by a ratio of nearly 3 to 1.
Mandarin Version - Market Technical Reading : Critical Medium-term Bullish Chart Breakout Underway! - 08/03...
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