(click on Chart to view)Local market hammered by both local and foreign issues today and pushed KLCI fell deep to lost 14.11 pts or 1.58%. Locally, sentiment was hit heavily by the weaker than expected fourth quarter GDP. In addition to this, Bank counters suffered the most after Bank Negara cut another 0.5% interest rate. Of course, the new development of the Perak political turmoil also weights on the market.
Externally, Major Asian markets all tumbled in the range of 2 to 4% and fell into a confidence crisis after continuous weaknesses were seen in the US market.
Need not to say, selling was today’s theme with Intra-Day Oscillator sank to as deep as -305.91.
After accumulating gains painfully for the last two weeks, the Key Indicator (Blue) of the Daily MSO Chart gave all back within one day trade. The Indicator lost 41.13 and recorded a new low at -75.21.
It is hard to predict the US market now so as ours.
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