Selling pressure accelerated towards the midday break on April 8, sending all key Asian markets down with Hong Kong once fell by more than 4%. At closing, Japan market lost 2.69%, Hong Kong 3.04% and Singapore 1.02%.
Local market ended the day lower on weak buying momentum as investors booked in profit while awaiting announcement of the new Cabinet line-up. KLCI finished at 907.87 lost 11.97 pts. Volume decreased significantly to 613 mln shares.
"A break below this level will see better support at 900 to 890, the previous week’s high. Monday’s high of 926.61 will become a short-term top if buying momentum falters and fails to match the recent strong trend," TA said.
OSK said the recent gains had been “too much, too fast and still a bear market rally.”
“We advise investors to take profit as the US economy does not appear to have bottomed out yet while the duration of the bear market does not appear to have matched the severity of the economic recession,” it added.
The Key Indicator (Blue) of the Daily MSO Chart continued to move straight down but remained above the uptrend channel. The Indicator is now at +85.93 lost 63.50 pts. So long as the Indicator remains above the 20 MAV and stays in positive zone, market sentiment is considered as firm and resilient. The 20 MAV is a separator between weak and strong sentiment.
Tomorrow, if US and Asian markets didn’t tumble deeper, it is expected that market will reverse its tone before and after the announcement of the formation of new Cabinet. Pro-government syndicates will take opportunity to boost market higher in ways of celebration. (Click on Chart to view)
Local market ended the day lower on weak buying momentum as investors booked in profit while awaiting announcement of the new Cabinet line-up. KLCI finished at 907.87 lost 11.97 pts. Volume decreased significantly to 613 mln shares.
"A break below this level will see better support at 900 to 890, the previous week’s high. Monday’s high of 926.61 will become a short-term top if buying momentum falters and fails to match the recent strong trend," TA said.
OSK said the recent gains had been “too much, too fast and still a bear market rally.”
“We advise investors to take profit as the US economy does not appear to have bottomed out yet while the duration of the bear market does not appear to have matched the severity of the economic recession,” it added.
The Key Indicator (Blue) of the Daily MSO Chart continued to move straight down but remained above the uptrend channel. The Indicator is now at +85.93 lost 63.50 pts. So long as the Indicator remains above the 20 MAV and stays in positive zone, market sentiment is considered as firm and resilient. The 20 MAV is a separator between weak and strong sentiment.
Tomorrow, if US and Asian markets didn’t tumble deeper, it is expected that market will reverse its tone before and after the announcement of the formation of new Cabinet. Pro-government syndicates will take opportunity to boost market higher in ways of celebration. (Click on Chart to view)
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