Asian shares fell for a second consecutive session on Tuesday as some of the confidence was dampened by highlights of the weakness in the global economy. China's exports fell a worse-than-expected 22.6 percent in April from a year earlier, while imports fell 23.0 percent, the official Xinhua news agency said on Tuesday. At the break, Japan market fell 1.21%, Hong Kong 0.57% and Singapore down 1.16%.In the local market, profit taking pushed down the benchmark index into red immediately after the bell, this morning. Most second liners and penny stocks also given back their gains that were accumulated in the past few sessions. Investors turned cautious amid softer performance of other major bourses. KLCI finished at 1,015.32 lost 10.18 pts. Volume decreased significantly from 2,066 mln shares to 1,210 mln shares. This is an encouraging sign of mild selling pressure.
However, market sentiment tried to recover around 11:00 am but failed to sustain when KLCI dropped deeper from 1,022 to 1,015. The Intra-Day Sentiment Oscillator closed at -1,959.93, lost 1,230.32 pts when compares with its starting point at -729.61.
Will market rebound this afternoon? The poor performance of other Asian markets will continue to drag the Index. The Index will go sideway along the 1,014 support. However, second liners and penny stocks will recoup some losses as punters are not willing to wash their hands yet. (Constructed and shared by Smartbiz)
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