Local Market Leads:
♦ Taking cues from the positive turnaround in the regional sentiment, the FBM KLCI benchmark shrugged off the earlier weakness and inched higher amid renewed bargain-hunting support on Monday.
♦ Earlier, as profit-taking activities continued, investors stayed in cautious mode following the poor US jobs report and ahead of the US Federal Reserve's FOMC meeting on Tuesday.
♦ But the local market recovered, after the regional indices bounced back on expectation that the US jobs data will force the Fed to do more to sustain the economic recovery momentum. Besides, sentiment was aided by a more
than 1% rally in the early opening in the European markets.
♦ Upon closing, the FBM KLCI inched up 0.21 pt or 0.02% to 1,360.66, after easing for the past three sessions.
♦ Still, daily turnover declined for the second day to 699m shares amid growing cautiousness of investors, from 866m shares previously. Market breadth remained depressed, as decliners outnumbered advancers by a ratio of 402 to 293.
♦ Regionally, Taiwan Weighted index, Sensex and Jakarta Composite gained 0.89%, 0.72% and 0.79% each.
Market Technical Reading : Volume Must Stay Robust To Avoid T+3 Sellings…-10/08/2010
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