Asia stocks rebounded from the biggest slump in two months as U.S. regulators were split on suing Goldman Sachs Group Inc. Banking shares in the U.S. and Asia jumped after a Bloomberg News report said the Securities and Exchange Commission voted 3-2 to sue Goldman Sachs for fraud.
The suit against Goldman will have a “limited” impact on local financial markets, South Korea’s Financial Services Commission said today, noting that the nation’s financial companies at the end of last year held $350 million of securities issued by Goldman. (Bloomberg)
At the local front, FBM KLCI stayed on high plateau most of the time after opening with gains. Last minute buying pulled the Index to close at its peak at 1,335.90, gained 9.23 or 0.70%. Daily FBMKLCI Average (or Pivot Point) was 1,333.72, gained 7.84. Total Volume decreased by 16 mln to 796 mln.
Market sentiment recovered from yesterday’s doldrums and opened with 429 points gain. But, enthusiasm gradually lost steam due to global uncertainty. However, the Oscillator ended at its high at +435.29. The Average recorded a gain of 362.59.
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Regional markets recovered after US SEC voted 3-2 in Goldman Sachs case. Local investors rushed to collect shares which were sold-down yesterday. However, participants remained cautious as total volume shrank to 796 mln shares.
At day’s end, 12EMA (blue) of the MSCD added 93.20 to -150.16, 26EMA (red) added 35.56 to –81.72 and the Histogram, 57.64 to -68.44.
Though 12EMA hooked sharply up but was still well away from 26EMA. The Histogram casted a shorter negative bar after today’s trade. Technically, market sentiment shows some improvement but remains weak.
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(Written and constructed by Smartbiz)
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