Asian stock markets snapped their recent rally, with most of the key indices in the red on April 7. Japan market fell slightly by 0.28%, Hong Kong 0.48% but Singapore fell deep by 2.47%.Malaysia was also no exception to the profit takings. Maybank and other banking stocks led the market fell into red. Market only picked up in the afternoon session as buyers started to nibble at situational stocks in hope of the ‘Najib Effect’.
KLCI finished at 919.84 lost 3.93 pts. Volume decreased slightly to 803 mln shares.
Maybank Investment Bank head of retail research Lee Cheng Hooi said he optimistic about the outlook for the market following the surge in volume and share prices, smooth transition in the country's leadership and also external factors.
He expected the buying momentum to continue, underpinned by internal factors including the smooth transition in the country’s leadership.
“The rebound is more sustainable now, rebound could last longer and it could be one to two months,” he said.
The Key Indicator (Blue) of the Daily MSO Chart hooked down from its new high after today’s weaker market. However, as the Indicator is still well above the uptrend channel and stays in positive zone, market sentiment will remain firm. The Indicator is now at +149.43 lost 45.94 pts. (Click on Chart to view)
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