Local Market Leads:
♦ Underpinned by expectation of a sustained economic recovery going forward, banking heavyweights propelled Bursa Malaysia to hit a 2-year high on Monday.
♦ The day started off with a big jump on the FBM KLCI, opening above the major psychological hurdle of 1,300, with a 12.40 pts gap-up in response to a triple-digit US DJIA’s rally on Friday.
♦ Sentiment strengthened further by the regional rally, bolstered by the solid US jobs data and news that the French President Nicolas Sarkozy has said the European Union (EU) was ready to bail out Greece.
♦ At the close, the bencmark FBM KLCI gained 24.44 pts or 1.88% to 1,324.22, led by strong rally in banking stocks, like PBBank (+62sen), CIMB (+40sen) and Maybank (+12sen).
♦ Total volume transacted expanded to 1.16bn shares, up from 942m shares on last Friday. Market breadth stayed positive, with counters up surpassing counters down by a ratio of 3 to 1.
Market Technical Reading : On The Way To Cover A Technical Gap Near 1,354.79… - 09/03/2010
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