Asian shares were mostly modestly higher in cautious, choppy trade Friday, coming off lows after Chinese data eased concerns about further tightening measures and after U.S. President Barack Obama's $447 billion plan to revive the U.S. economy.
In China, the consumer-price index for August rose 6.2% from a year earlier, slowing from July's 6.5% rise, broadly in line with expectations, reinforcing market expectations inflation has already peaked, and there will be no fresh monetary tightening for the rest of this year, said Nomura economist Zhang Zhiwei.
Local sentiment progressed in uncertainty with the Intra-day Oscillator seen zigzagging up and down along the zero level but finished at +75.78; gained 40.92 when compares with its starting point. The Average recorded a gain of 43.58.
At the end of the day, %K (Yellow) of MSCD recorded as -109.21 (+27.77), %D (Red) -239.10 (+22.62) and the Histogram, +88.16 (+10.43).
Both indicators moved higher and the Histogram printed yet another longer bar above the zero level.
Conclusion
Today, market sentiment receded slightly due to week-end session. Market sentiment is plausible as %K keeps on recording higher-highs. The recovery process will be challenged when %K moves nearer to the zero line.
FBMKLCI failed to break through its resistance line and upward strength turned weaker. However, FBMACE printed a white candle yesterday and prepares to test its previous high around 3,930.
(Morning Flash: Dow Jones lost 303 points, last night)
In China, the consumer-price index for August rose 6.2% from a year earlier, slowing from July's 6.5% rise, broadly in line with expectations, reinforcing market expectations inflation has already peaked, and there will be no fresh monetary tightening for the rest of this year, said Nomura economist Zhang Zhiwei.
Local sentiment progressed in uncertainty with the Intra-day Oscillator seen zigzagging up and down along the zero level but finished at +75.78; gained 40.92 when compares with its starting point. The Average recorded a gain of 43.58.
At the end of the day, %K (Yellow) of MSCD recorded as -109.21 (+27.77), %D (Red) -239.10 (+22.62) and the Histogram, +88.16 (+10.43). Both indicators moved higher and the Histogram printed yet another longer bar above the zero level.
Conclusion
Today, market sentiment receded slightly due to week-end session. Market sentiment is plausible as %K keeps on recording higher-highs. The recovery process will be challenged when %K moves nearer to the zero line.
FBMKLCI failed to break through its resistance line and upward strength turned weaker. However, FBMACE printed a white candle yesterday and prepares to test its previous high around 3,930. (Morning Flash: Dow Jones lost 303 points, last night)
Constructed and Written by Smartbiz (Chart of FBMKLCI extracted from ChartNexus)
(Note: You can read the explanation for Intra-Day MSO and MSCD from the archive under heading "Labels" at the lower portion of the sidebar.)
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