Asian stocks rose, led by automakers and mining companies, after U.S. consumer confidence jumped the most in six years and commodity prices climbed. At the break, Japan market up by 1.33%, Hong Kong 4.23% and Singapore 1.94%.Blue chips opened sharply higher on May 27, led by KL Kepong, IJM and TM as sentiment was bolstered by the strong overnight close on Wall Street. But, the upswing was depressed by concerns on deteriorating GDP which is scheduled to announce this afternoon. The Index fell from its high at 1,059.88 to break at 1,050.82 lost 0.81 pts or 0.08%. Volume reduced by 190 mln shares to 737 mln shares when compares with yesterday’s break.
The Intra-Day Sentiment Oscillator has exactly depicted the worries of investors fell straight away from its starting point. Only buying during the last half an hour lifted the Oscillator slightly higher to end at +141.06 lost 835.15 points when compares with +976.21, the starting point.
This afternoon, market will rebound as investors motivated by the strong performance of regional bourses. Investors will shrug off the GDP result as 2nd Finance Minister said national growth would be recovered in 3Q09. (Constructed and shared by Smartbiz)
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