Tonight, investors will try to glean more clues to the speed of that recovery from U.S. second-quarter GDP figure to be released later. Some economists believe it could mark the end of the sharp recession, as signs pointing to growth have resumed in the second half of the year.
Locally, FBM KLCI was steady most of the time but news that PAS wanted its one million members to take part in tomorrow’s Anti-ISA Rally caused it tumbled by about 11 points around 3:50pm. However, the Index managed to regain some losses at closing and ended at 1,174.90 gained 14.24. Total Volume increased by 468 mln shares to 1,256 mln shares.
Today, market enthusiasm was spoilt by the PAS movement with the Oscillator fell by about 300 pts around 4.20 pm. But the Oscillator hooked up to close at +844.87 lost 330.25 from the starting.The Average recorded a gain of 936.01.
The Key Indicator (Blue) of the Daily MSO Chart hooked up sharply after today’s gain. It added 117.31 to 222.19. Both 20MAV and 50MAV hooked up.
The fear still stays. Investors were seen participating but volume remained insignificant.
The recent one-day correction was deemed insufficient to lure investors to present whole heartedly. Investors are scare of deep fall as KLCI moves in dizzy high.
So far, the prediction of fall to 975 to 1,000 didn’t materialize but is still a shadow casts before them and hard to get rid of.
The fragile structure of KLCI has also made investors treading water all the time. Sadly to say, today’s sharp drop of about 11 points was caused by selling of big caps at just a hundred shares on each counter.
At the end of the day, all indicators of MSO have returned to their original directions. Market will poise for gains in the forward trading unless tomorrow’s rally should cause some unforeseeable problems. (Constructed and Shared by Smartbiz)
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