Local Market Leads:
♦ Bolstered by Bank Negara’s forex liberalisation move and a stronger-than-expected 2Q GDP data, the local bourse continued its rally for a fifth day in a row on Thursday.
♦ In fact, market sentiment was buoyed further by a rally in the ringgit that hit a fresh 28-month high against the greenback on the back of BNM’s move and China’s decision to allow domestic trading of the yuan with the ringgit.
At the close, the ringgit ended up sharply to 3.1330, from 3.1540 previously
Market Technical Reading : Strong Resistance Zone At 1,390 – 1,400… - 20/08/2010
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