Asian stocks recouped their losses in the afternoon and finished with gains as European market surged by more than 1%.
In the local front, FBM KLCI encouraged by its peers, surged even higher to end at 1,183.97 gained 4.48. Total Volume increased by 102 mln shares to 1,025 mln shares.
Market sentiment turned robust immediately after the break with the Oscillator shooting stars to end at +838.29 gained 573.05 from the starting. The Average recorded a gain of 360.48.
The Key Indicator (Blue) of the Daily MSO Chart hooked higher up to +349.82 gained 78.46.
MS20 moved straightly up and MS50 edged higher.
Conclusion
MSO confirmed market’s robust sentiment after today’s trade as the Key Indicator cut 20MS in a decisive way. The obvious uptrend movement elaborated by the MS20 further enhanced sign of market’s enthusiasm.
Look like investors have temporarily discarded the fear of market correction after seeing the resilience showed by US market.
But, as most stocks already traded in high levels, picking the right counters will be a tough job for retailers. For those lousy shares which never move, or swaying up and down, will remain as lousy as it used to be and retailers should avoid them. (Constructed and Shared by Smartbiz)
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