Regional bourses were motivated by news that Chinese Prime Minister Wen Jiabao would announce a new stimulus package at a meeting Thursday. Asian markets all turned slightly positive with major indices up by 1% to 2% at the afternoon session. China market added 6.12%.
Local market also motivated by the positive signs and reversed its trend at about half an hour before closing. Investors began to bargain hunting on small-cap and penny stocks which were hit heavily for the last two days.
However, Key Indicator (Blue) of the Daily MSO Chart continued to slip from -86.66 to -91.39 lost another 4.73 pts. Market needs some more positive news to dissipate investors’ pessimism. Until then, any advance would be capped by profit takings. (click on Chart to view)
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