Asian stocks rose for the first time in three days, led by automakers and electronics companies, on prospects for additional stimulus spending and an unexpected increase in Japanese machinery orders. Japanese government has proposed to have yet another US$154 billion stimulus package. At the closing, Japan market edged up 3.74%, Hong Kong 2.95% and Singapore 2.50%.
Locally, share prices were higher after the announcement of the new Cabinet. Interests were mainly focused on second and lower liners. KLCI finished at 917.89 gained 10.02 pts. Volume increased slightly to 715 mln shares. Overall market sentiment also reversed its tone to more bullish in the afternoon session with the Intra-Day Oscillator surging higher in higher volume.
However, today’s bullish sentiment failed to reverse the trend of the Key Indicator (Blue) of the Daily MSO Chart which has been falling for two days. The Indicator continued its down swing and fell another 27.36 points to +58.57.
The Indicator is now seeing face to face to the 20MAV, falling below the 20MAV will confirm the bearish market sentiment again. Technically, the Indicator has built a good based after several days of positive show; the conclusion is: the Indicator will not fall deep if not rebound from here.
The only worry is the US market. The Dow Jones Chart is depicting a weaker future ahead of corporate report month. Investors should, again, trade with cautiousness. (Click on Chart to view)
Locally, share prices were higher after the announcement of the new Cabinet. Interests were mainly focused on second and lower liners. KLCI finished at 917.89 gained 10.02 pts. Volume increased slightly to 715 mln shares. Overall market sentiment also reversed its tone to more bullish in the afternoon session with the Intra-Day Oscillator surging higher in higher volume.
However, today’s bullish sentiment failed to reverse the trend of the Key Indicator (Blue) of the Daily MSO Chart which has been falling for two days. The Indicator continued its down swing and fell another 27.36 points to +58.57.
The Indicator is now seeing face to face to the 20MAV, falling below the 20MAV will confirm the bearish market sentiment again. Technically, the Indicator has built a good based after several days of positive show; the conclusion is: the Indicator will not fall deep if not rebound from here.
The only worry is the US market. The Dow Jones Chart is depicting a weaker future ahead of corporate report month. Investors should, again, trade with cautiousness. (Click on Chart to view)
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