"We're seeing a lot of positive factors -- good U.S. indicators and solid Japanese earnings, both of which are boosting the Nikkei. But right now we're also seeing a bit of natural reaction to these rises," said Masayuki Kubota, a senior fund manager at Daiwa SB Investments in Tokyo.
Locally, FBM KLCI moved flattish for the whole afternoon to end at 1,179.88 gained 8.57. Total Volume increased by 252 mln shares to 1,047 mln shares.
Market sentiment lost steam with the Oscillator sliding to end at +262.74 lost 581.82 from the starting. The Average recorded a gain of 470.77.
The Key Indicator (Blue) of the Daily MSO Chart hooked slightly up to +154.70 gained 5.32. Both MS20 and MS50 edged slightly higher.
When Index was going up, in the broader market, number of gainer was going down. This has been the common scenario on stage since the implementation of the new FBMKLCI.
I couldn’t find any indices that can accurately reflect the overall market movement like the old KLCI. Since there is no indicator can actually gauge the market, as a retailer, it is also hard to manage your investment or punting. The only alternative is to invest in KLCI-linked counters.
Another phenomenon that puzzles me is crude oil price hiked over US$71 but most oil counters tumbled around 1 to 3%. It is hard to understand the local market.
But, some analysts are still singing in high key. OSK research house’s analyst said, “The market has been consolidating after last Wednesday’s rally in a consolidation phase that has been constructive so far. Meanwhile, we maintain our bullish view towards the near-term market. As the daily RSI which closed at the 75.1 pt-level, this suggests that the door is still open for additional gains.”
Do you really feel the bullish sensation?
On the contrary, CIMB research house has foreseen a pull-back within this few days, I share the same view.(Constructed and Shared by Smartbiz)
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