Poor data of retail sales and increasing number of home foreclosures in US weighed Asian markets today. All Asian bourses tumbled and stayed in the red throughout the trading day. Investors were confused by the mixed bag economic reading and opted to take profit after weeks of gains. At closing, Japan market skid and lost 2.64%, Hong Kong 3.04% and Singapore 2.89%.Local sentiment was broadly negative amid substantial losses of other Asian markets and Wall Street. Sellers overwhelmed buyers throughout the day. The benchmark Kuala Lumpur Composite Index stayed in the red whole day and ended at its lowest point at 1,011.99 lost 10.85 pts. Volume decreased by 477 mln shares to 2,692 mln shares. Interest in lower liner stocks was still fairly robust. Scomi, Iris, KNM, Tejari and SAAG were among the most heavily traded counters for the day.
The Intra-day Oscillator recorded an average loss of 2,032.52 pts amid poor sentiment. The oscillator also stayed in red whole day with volume increased notably before closing.
The Key Indicator (Blue) of the Daily MSO Chart fell sharply after today’s poor performance. The Indicator recorded a loss of 879.34 pts to 305.93. The deep fall of the Indicator was the result of today and Tuesday’s bad market sentiment. This is also an evidence of heavy selling during that two days trading.
Market base was eroded but strength is still there. So long as the 20MAV is moving within the uptrend channel, market still has the chance to return after consolidation. The next support of KLCI is around 1,003 then 998. (Constructed and shared by Smartbiz)
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