Malaysia Market – End of the Day

Asian shares climbed to their highest level in seven months on Tuesday on fresh hopes that global recession is easing. Oil also hovered at six-month peaks as supply concerns helped buoy prices. Hopes are growing that the macro economy is gradually recovering. US Treasury Secretary Timothy Geithner said the U.S. economy had "clearly stabilized" although he warned things would remain "bumpy." At closing, Japan market surged 2.78%, Hong Kong 3.06% and Singapore 3.83%.

Shares on the Bursa Malaysia opened with impressive gains but failed to edge higher in the remaining session. The KL Composite Index was almost flat during the afternoon session. The Index ended at 1,023.49 gained 11.48 pts or 1.13%. Total Volume increased by only 57 mln shares to 1,754 mln shares.

Today, the Intra-day Oscillator moved in positive zone all the time bolstered by gains across the board. The oscillator recorded an average gain of 1,415.36 pts. Unfortunately, volume only added marginally from yesterday.

The Key Indicator (Blue) of the Daily MSO Chart hooked up sharply after today’s gain but remained in the red. The Indicator gained 618.77 pts to -350.38.

The 20MAV precisely bounced from the support line of its uptrend channel. This is yet another proves that market sentiment is swaying within the uptrend channel. Market base is still strong.

Jupiter Securities' head of research, Pong Teng Siew, said by noon, the buying activities had spread to other stocks such as banking, glove makers, oil and gas, and construction.

"However, I think we will see some selling tomorrow. The trend for the past two weeks has been showing alternate days of bargain hunting and profit taking," he said. (Constructed and shared by Smartbiz)