Malaysia Market - Mid-Day Comments

12:30 Asian stocks fell for the fifth day, led by commodity producers and banks, after oil plunged below $50, and Taiwan and Singapore forecast deeper recessions. Japan fell by 2.22%, Hong Kong 1.88% and Singapore 1.44% mostly performed better than yesterday.

Local market consolidated for the whole morning and finally decided to defy its Asian peers and move ahead in market’s last half an hour. KLCI surged from 854.18 to 861.05, a hefty jump of nearly 7 points within that particular half an hour. The Index still lost 4.77 points or 0.55%.

In fact, MSO already showed the reverse of market sentiment as its real-time indicator surged and cut its average around 12:00. MSO is now settled at -204.28, again, a hefty jump of about 70 points from its low.

The buying should be triggered by EPF or other GLC’s supports.