Asian stocks retreated due to the stronger yen and Federal Reserve projected a deeper recession. Stronger Yen will hurt earnings prospects in Japan. At the break, Japan market down by 1.21%, Hong Kong 0.88% and Singapore 0.92%.Share prices on Bursa Malaysia were firmer in early trade but not sustainable. The Kuala Lumpur Composite Index set another record at 1,050.45 but fell into red to end at 1,040.35. Volume decreased by 244 mln shares to 825 mln shares.
The Intra-Day Sentiment Oscillator also failed to sustain its upswing and finished at -272.87 lost 642.14 points when compares with the starting point at +369.27. Fortunately, volume diminished towards the break indicating punters still holding their positions.
This afternoon, market should go sideways with investors punt on cheaper lower liners. (Constructed and shared by Smartbiz)
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