Asian stocks rose as Japanese favorable corporate forecasts boosted confidence that earnings are recovering from the global recession. But, China’s industrial production grew less than economists estimated in April as electricity output fell and exports tumbled but retail sales climbed. Output rose 7.3 percent from a year earlier after gaining 8.3 percent in March. All these mixed reports also hindered the buying mood.At the break, Japan market was up by 0.70%, Hong Kong 0.67% and Singapore 1.21%.
Share prices on Bursa Malaysia were mixed this morning, with losses seen in some banking and construction-related stocks. KLCI fluctuate in a 6 points range as some investors were concerned that recent sharp gains may have been overdone.
“The current consolidation phase would probably last a few more days,’’ says a trader at a local brokerage.
KLCI finished at 1,024.31 lost 1.29 pts. Volume increased by 724 mln shares to 1,934 mln shares.
Market sentiment also fluctuated up and down with the Intra-Day Sentiment Oscillator fell into red around 10:15 am. However, the Oscillator was fast to recover bolstered by buying in both MUI and Lion groups’ counters. The Oscillator closed at +1,613.89, lost 541.48 pts when compares with its starting point at +2,155.37.
Based on the observation of other Asian markets, Index has the chance to test its overhead resistance around 1,027. Second liners and penny stocks will continue their rotation plays with some might suffer notable losses. Punters have turned cautious but syndicates try to tempt buyers. (Constructed and shared by Smartbiz)
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