Asian shares rebounded Wednesday as recently-battered stocks got some respite after the U.S. Federal Reserve pledged to keep interest rates low for two more years. Sentiment remained fragile, however, with the dollar mixed against its rivals, while the safe-haven Japanese yen and gold held up solidly.
"The market is still nervous as it cannot read where stocks are going to settle," said Takuya Yamada, senior portfolio manager at ITC Investment Partners. "The heavy selloff we saw over the past three days was driven by emotional, not rational trading; the outlook remains highly uncertain," he said.
Local sentiment responded to US overnight gain opened in strong tone but gradually receded as profit taking pared down gains. The Intra-day Oscillator went downhill to finish at +1,047.58; lost 3447.26 when compares with its starting point. The Average recorded a gain of 1,985.37.
At the end of the day, %K(yellow) of MSCD recorded as -1,082.15 (+557.53), %D(red) -722.90 (=216.74) and the Histogram -296.87 (-15.59).
Both indicators hooked up sharply but still deep in the red and the Histogram printed yet another long negative bar.
Conclusion
Market sentiment has temporarily stabilized but uncertainty remains as the gap between %K and %D is still quite big. Market will be volatile and vulnerable to any adverse effect.
(Late News: Dow Jones fell another 519 points last night)
NEWS FLASH (Bursah)
MSC net profit increased to RM36.30 million in the second quarter ended Jun 30, 2011 from RM7.98 million a year ago.
FAREAST net profit increased to RM27.96 million in the second quarter ended Jun 30, 2011 from RM16.28 million a year ago.
Local sentiment responded to US overnight gain opened in strong tone but gradually receded as profit taking pared down gains. The Intra-day Oscillator went downhill to finish at +1,047.58; lost 3447.26 when compares with its starting point. The Average recorded a gain of 1,985.37.
At the end of the day, %K(yellow) of MSCD recorded as -1,082.15 (+557.53), %D(red) -722.90 (=216.74) and the Histogram -296.87 (-15.59).
Both indicators hooked up sharply but still deep in the red and the Histogram printed yet another long negative bar.
Conclusion
Market sentiment has temporarily stabilized but uncertainty remains as the gap between %K and %D is still quite big. Market will be volatile and vulnerable to any adverse effect.
(Late News: Dow Jones fell another 519 points last night)
NEWS FLASH (Bursah)
MSC net profit increased to RM36.30 million in the second quarter ended Jun 30, 2011 from RM7.98 million a year ago.
FAREAST net profit increased to RM27.96 million in the second quarter ended Jun 30, 2011 from RM16.28 million a year ago.
Constructed and Written by Smartbiz
(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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