Most Asian shares extended gains on Friday as key U.S. earnings reports beat expectations, fueling hopes that the global recession is receding, but deadly explosions at two Jakarta hotels weighed on Indonesia stocks and the rupiah.The yen gained broadly and oil and gold edged down.
The blasts at the Ritz-Carlton Hotel and the Marriott Hotel in central Jakarta killed six people, sending Jakarta stocks down 2 percent and lopping 0.7 percent off the rupiah, which has been Asia's best performing currency so far this year.
FBM KLCI did tumble on news of the blast but recovered fast to close at 1,120.90 gained 12.02. Total Volume decreased by 727 mln shares to 939 mln shares.
Market sentiment turned weak just minutes after the opening bell and swaying up and down. The Intra-Day Oscillator, at last, managed to close at positive zone at +40.83 lost 429.56 from the starting. The Average recorded a loss of 122.69.
The Key Indicator (Blue) of the Daily MSO Chart hooked down to +446.07 lost 32.81. The Indicator fell by 7% from its peak recorded yesterday.
20MAV fell back to red at -9.32 and 50MAV continued sinking.
Conclusion
The ASEAN markets were pretty resilient in past instances of bombing, as such, today’s blast in Indonesia didn’t have much impact except that some traders used as an excuse to take profit.
Locally, the political unrest caused by the death of State Assembly Member Ean Yong Hian Wah’s political secretary Teoh Beng Hock did cause some ripples to the market. Hopefully, the police will handle with full vigilance and justice to prevent deteriorating public emotion.
Today, volume swing down deep to 939mln from 1,666mln yesterday is an evidence of absence of retailers’ participation. Retailers were treading water everyday in scary and hope as all analysts asked to sell on rally.
MSO Chart shows market took a rest today but still stayed with euphoria. We can only declare a reversal when the Key Indicator fell below its peak by more than 30%. (Constructed and Shared by Smartbiz)
No comments:
Post a Comment