Asian markets slid on Wednesday following a broad commodities selloff but losses were limited as stronger-than expected U.S. factory data lent support.
Commodities prices were hit by profit-taking after heady gains made in thin holiday volume over the past two weeks, prompting gold and oil prices to slide more than 2 percent on Tuesday. (Yahoo)
After 5.00pm, Asian major markets ended mixed with Japanese market shed 0.17%, China 0.49%, Hong Kong edged up 0.38% and Singapore 0.02%. At the local front, FBMKLCI shrug off earlier losses and marched ahead to as high as 1,571.85, another historical record. The index ended at off high at 1,566.17 (+14.28/0.92%) and Total Volume 2,346m (+335m).
Market sentiment followed key index turned optimistic after a soft opening. The oscillator reversed to above the 1,000 points level and ended at +1,187.23 gained 1,756.19 when comparing with its starting point. The Average recorded a gain of 765.81.
ConclusionMarket sentiment remained robust supported by buying on the dual Oil counters. Buying spree receded in the early trade but swiftly recovered as bargain hunting set in. Though the momentum was not as strong as yesterday but more laggards have perked up to catch the train.
In the MSCD, K% Line (yellow) recorded as +419.90 (+62.87), D% Line (red) +189.05 (+46.16) and the Histogram +103.98 (+31.72).
After today’s trade, K% Line continued its northward journey and the Histogram printed a longer positive bar. Technically, market sentiment remains optimistic but selling pressure might dampen the sentiment tomorrow as those shares purchased on Monday will be due for the T+3 deadline. However, the set-back should be temporarily due to strong participation as evident by the expanding volume.
Constructed and Written by Smartbiz (Click on chart to view)
(Note: You can read the explanation for Intra-Day MSO and MSCD from the achieves under heading "Labels" at the lower portion of the sidebar.)
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