Concerns over the health of global economy were reflected in the leading indices of Asian markets of which mostly down again today. However, losses have moderated when compared with yesterday. Losses were ranging from 1% to 2%.
Last night, Dow Jones closed below 7,000 for the first time in more than 11 years. Worries of possible collapse of AIG sent shock waves throughout US as well as global markets. However, Washington threw another $30 billion lifeline to rescue the insurer which had been boasted as strong as a rock for years.
Interestingly, local market didn’t response sharply to the overnight fall of 300 points of Dow Jones. Market sentiment improved gradually with small and penny stocks recouped their losses towards closing.
The Key Indicator (Blue) of the Daily MSO Chart continued its slide from -75.21 to -86.66 lost another 11.45 pts. So long as it is moving below its own Average, it is hard to see market reversal in the near future. (click on Chart to view)
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