Local Market Leads:
♦ Powered by a further rally in the core heavyweights and a sharp rebound in China’s markets, the local bourse extended its solid recovery leg for a second day to end at a 2-1/2 year high on Monday.
♦ Apart from another strong showing in Genting (+54sen), other index-linked stocks like Maybank (+22sen) and MAS (+14sen) also attracted strong buying support ahead of their quarterly earnings announcement this week.
♦ In fact, market sentiment was buoyed by another rally in the Chinese markets (by more than 2%), after most Asian markets took an early beating on the weaker-than-expected Japan’s GDP number. Japan’s ecocomy expanded at an annualised growth of 0.4% in the second quarter, far worse than the expected 2.3% growth.
♦ Back home, the FBM KLCI charged forward by soaring another 10.43 pts or 0.77% to 1,370.58, as institutional investors snapped up selective heavyweight blue chips.
♦ Trading activities remained buoyant with 974m shares, versus last Friday’s 996m shares traded. Market breadth stayed positive with 405 gainers leading 320 losers.
Market Technical Reading : Outlook Turns Bullish And The Index Will Likely Hit 1,390 Soon…-17/08/2010
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