Mandarin Version : Market Technical Reading : Bargain Hunters Should Reemerge Near The 10-day SMA...-09/04/2010

Local Market Leads:
♦ Shakened by the strong selloff in the Asian markets amid the overnight US losses and an unexpected drop in Japan’s machinery orders, the FBM KLCI finally bowed to profit-taking activities on Thursday.
♦ The local benchmark index concluded its longest winning streak since 1994, ended at 1,332.93, down by 12.16 pts or 0.90%. Leading the downfall were heavyweights CIMB (-44sen), MISC (-23sen) and Maxis (-7sen).
♦ On the regional front, SET (-3.53%), Jakarta Composite (-1.65%) and Nikkei 225 (-1.10%) also fell after the US DJIA dropped 72-pts and that Japan’s machinery orders suprisngly shed 5.4% in Feb from Jan, stoking worries that the economic recovery might not be as smooth as expected.
♦ Apart from that, sentiment was also hurt by the renewed concerns over a possible debt default by Greece.
♦ However, thanks to the strong rotational interests on selective lower liners, like Scomi (+9.5sen) and L&G (+1.5sen), turnover expanded to 1.28bn shares from 1.13bn shares earlier. But, market breadth turned negative for the first time in six trading days with decliners overwhelming advancers by a ratio of 2 to 1.

Mandarin Version : Market Technical Reading : Bargain Hunters Should Reemerge Near The 10-day SMA...-09/04...