Asian stocks fell, dragging the MSCI Asia Pacific Index lower for the first time in three days, on concern a stronger yen and Chinese measures to curb property prices will damp earnings growth in the region.
“While economic recovery is gaining momentum and earnings have been surprising on the upside, regulatory headwinds are increasing. That will make it harder for banks to operate,” said Daphne Roth, Singapore-based head of Asian equity research at ABN Amro Private Banking, which oversees about $21 billion in the region. “The policy tightening in China will continue amid growing concerns about asset bubbles.” (Bloomberg)
At the local front, FBM KLCI opened with gains but fell into red shortly due to lack of support. The Index was seen zigzagging below the neutral line for the rest of the time, but, last minute buying pulled it to close with positive note at 1,337.01, gained 3.37 or 0.25%. Daily FBMKLCI Average (or Pivot Point) was 1,335.17, lost 0.31. Total Volume decreased by 42 mln to 833 mln.
Market sentiment receded further with the Oscillator sliding into red gradually. But, again, last minute buying jacked it high to end in green at +52.41 gained 33.56 from its starting point. The Average recorded a loss of 62.47.
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Investors chose for more cautious stands by staying sidelines in today’s market. However, the last minute buying shows some investors started to pick up their favorites again.
At day’s end, 12EMA (blue) of the MSCD added 4.08 to -84.93, 26EMA (red) shed 0.38 to –57.77 and the Histogram added 4.46 to -27.16.
12EMA moved parallel to 26EMA with the gap remains unchanged. The Histogram casted a shorter negative bar nearer to the zero level after today’s trade.
Technically, market sentiment is still plagued by global uncertainties and waiting for clearer picture.
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(Written and constructed by Smartbiz)
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