A rally in Asian shares continued on Thursday bolstered by encouraging signs about the health of U.S. banks and the state of the global economy. Investor confidence was also boosted by US treasury secretary Tim Geithner who said that the results of the stress test of US banks would “reassure investors”. At the break, Japan market up by 4.03%, Hong Kong 1.12% and Singapore 0.48%.Frenzied buying in the local market pushed the KL Composite Index past the 1,030 level in the first hour of trade on May 7 as retail investors, funds and traders snapped up blue chips and lower liners. But the buying spree eventually capped by profit taking such that KLCI slipped from 1,037.81 to 1,029.53 gained 5.57 pts for the morning session. Volume remained high at 1,851 mln shares.
Local market sentiment faded fast after seeing the Index recorded yet another high. The Intra-Day Sentiment Oscillator fell after about 20 minutes trading and slid all the way to end at +1,402.92 lost 3,345.58 pts when compares with its starting point which is +4,748.50.
This afternoon, the Sentiment Oscillator should be waving in the wind of the opera performs in the Perak State Assembly House and concern over tonight’s US bank “Stress Test”. (Constructed and shared by Smartbiz)
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