Asian stocks fluctuated as gains among mining and energy shares overshadowed declines by property developers and shipping companies. Energy stocks took the most points off the index as oil prices slid below $60 per barrel, on track for its largest weekly fall since January as the demand outlook soured and fears of new US rules to curb futures speculation.FBM KLCI staged a strong rebound from its low 1,064.70 to its high at 1,072.30, but closed lower at 1,067.76 gained 2.08 pts. Total Volume decreased by 16 mln shares to 681 mln shares.
Market sentiment started with full optimism but enthusiasm faded away slowly even KLCI recorded a new high. The Intra-Day Oscillator slid from positive to negative zone but ended at +38.02 due to last minute buying. The Oscillator lost 281.53 when compares with the starting point. The Average recorded a gain of 41.38 pts.
The Key Indicator (Blue) of the Daily MSO Chart continued to curve higher to -93.49 gained another 70.70. But both 20MAV and 50MAV were pointing south.
Conclusion
Market sentiment and the new Index were holding different scenarios since the FBM KLCI first introduced. This is evidence that the new FBM KLCI does not actually reflect the whole market picture.
The Key Indicator stays at 59% above its bottom after today’s 41.38 points average gain. However, today’s market did not actually perform as if a continuation of the reversal day though it was quite strong this morning. Sentiment faded gradually towards the end of the day.
There is no found issue that should affect market sentiment. The only explanation is today is the last trading day of the week. People didn’t want to take position especially at the initial stage of the reversal.
All figures collected for the MSO were from actual market records. MSO never gives false statement unless the interpreter makes a wrongly interpretation. (Constructed and shared by Smartbiz)
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