Asian stocks tumbled as U.S. retail sales unexpectedly dropped last month, clouding the earnings outlook for makers of cars and electronics. At the break, Japan market slipped by 2.87%, Hong Kong 3.38% and Singapore 2.56%.Share prices on Bursa Malaysia were mostly lower and losers were across the board this morning. Comparatively, Malaysia market is considered resilience and not really hit by the overnight fall of US market. KLCI was down by 7.47 pts to 1,015.37. Volume decreased by 389 mln shares to 1,545 mln shares.
The Intra-Day Sentiment Oscillator shows that market sentiment has some improvement but remains weak as it was unable to return to the positive area. The Oscillator ended the morning session at -2,121.44, gained 279.23 pts when compares with its starting point at -2,400.67.
In the MSO Chart, volume shrank whenever the Oscillator attempted to climb higher. This is an indication that retailers were mostly sidelined and refused to take positions like yesterday.
This afternoon, market will find difficulty to repeat previous glory if other Asian markets didn’t show improvement. If that is the case, we will see penny stocks sink deeper. (Constructed and shared by Smartbiz)
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