Local Market Leads:
♦ Buoyed by a rally in Chinese markets amid the Wall Street’s overnight rebound as well as expectations of a possible revaluation of the Chinese yuan, the local market resumed its uptrend by climbing higher on Friday.
♦ In the overseas markets, talks of a possible 3% revaluation in the Chinese yuan sent Hang Seng (+1.56%) and Shanghai Composite (+0.85%) sharply higher.
♦ This in turn, shored up the ringgit to a nearly 2-year high at 3.1880 vis-a-vis the US dollar, up from Thursday’s 3.2050.
♦ However, the overall gain was capped by the pre-weekend profit-taking activities, as investors decided to lock in profit and trim trading positions.
♦ Due to last-minute selling on selective blue chips, the FBM KLCI pared down its gains to only 1.05 pts or 0.08% to 1,333.98 on Friday.
Market Technical Reading : Further Rebound Likely Today...-12/04/2010
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