Local Market Leads:
♦ The FBM KLCI reversed from the early run-up to above the psychological level of 1,500 on heavy profit-taking pressure, partly due to refreshed cautiousness ahead of the 2011 Budget announcement on Friday.
♦ Earlier, investors continued to drive the market higher, thanks to the overnight gains in the US markets amid favourable earnings from US key corporates. ♦ But just after the FBM KLCI advanced to a high of 1,503.82, profit-taking activities began to step in, amid the afternoon reversal in some regional markets from their early gains.
♦ At the close, the local benchmark eased by 0.59 pt or 0.04% to 1,496.38, dogged by strong selldown on heavyweights Genting (-26sen) and CIMB (-7sen).
♦ Daily turnover continued to increase to 1.27bn shares, from the 1.20bn shares a day ago. The market breadth has, however, turned negative, as losers outpaced gainers by 455 to 348.
Mandarin Version - Market Technical Reading : Extension Of Buying Momentum Upon Removal Of 1,500...-15/10/2010
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