Local market followed the wave of selling of its Asian peers immediately after the opening bell with KLCI once tumbled by about 10 pts. The major losers were banking stocks Public Bank and Maybank. But, the gains of both Tenaga and palm oil counters slowly lifted the Index from its low. Tenaga gained on cheaper coal prices and palm oil counters gained on higher CPO price which traded over RM2,000 for both March and April month future.
Market sentiment turned better during afternoon session as the effect of the min-budget started to work its course. The Intra-Day Oscillator surged and gained about 70 pts once Najib announced the 60bln mini-budget. Volume also increased from less than 1m/mn to 1.54m/mn.
Key Indicator (Blue) of the Daily MSO Chart charged higher to recoup previous day’s loss and marked at -75.94 gained 14.65 pts.
Tomorrow’s market performance will depend on how analysts look at the mini-budget. But, based on the more than expected budget, market should response positively tomorrow. (Click on Chart to view)
No comments:
Post a Comment