Local Market Leads:
♦ Buoyed by the powerful rallies across the regional markets amid a nearly US$1trillion new loan programme unveiled by the European Union (EU) and IMF, the FBM KLCI edged higher on follow-through bargain-hunting supports on Monday.
♦ Just before the opening in the Asian markets, the EU and IMF rolled out an emergency fund worth 750bn euros (US$962bn) in bids to halt the sovereign-debt crisis in the Eurozone.
♦ As a result, the US DJIA futures index rallied nearly 400 pts at one stage. In fact, regional markets’ rally intensified after key European markets soared more than 4% in the early session. Hang Seng rallied 2.54%, while Sensex jumped 3.35%.
♦ On the home front, the local benchmark FBM KLCI continued its recovery leg by adding another 1.08 pts or 0.08% to 1,333.97 on fresh bargain-hunting activities.
♦ Turnover, however, eased to 806m shares from last Friday’s 937m shares. Market breadth turned positive for the first time in six trading days, with 529 gainers overwhelmed 194 losers.
Market Technical Reading - Still Vulnerable To Downside Risk... - 11/5/2010
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