“Investors are looking to upcoming earnings reports where we’re likely to see a fair number of companies lifting forecasts,” said Junichi Misawa, who helps oversee about $3 billion of Japanese equities at STB Asset Management Co. in Tokyo. “The market should stay strong into the end of the year, although after that we could see a pullback as stimulus measures run their course.”
At the local front, FBM KLCI opened high but slowly lost steam and slid towards closing. The Index finished at its low at 1,201.28 gained 4.82 or 0.40%. Total Volume almost the same as yesterday at 649 mln.
Market enthusiasm also diminished seeing KLCI failed to edge higher after setting a new record. The Oscillator was seen sliding to end at +177.45 lost 184.92 from the starting point. The Average recorded a gain of 248.42.
The Key Indicator (Blue) of the Daily MSO Chart lost steam to end almost flat at +101.23 gained 1.10. But both MS20 and MS50 edged a bit higher.
When KLCI edged higher and higher, more and more worries investors would have. They were scared of major correction which would pull down the whole market though many counters didn’t even have moved a cent. The upbeat of the Index did not actually give investors much confidence as they knew this was just a show played by few big-cap counters. Or, precisely, this was just some kind of manipulation navigated by few government-linked institutions. Overall sentiment still plagued by global uncertainty especially after sharp falls of China market.
MSO which represents the movement of the whole market has shown sign of fatigue after a short rally. Market sentiment will remain in doldrums until KLCI proves that it can stay above the 1,200 level with more stability. (Constructed and Shared by Smartbiz)
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