Market Down, My Sifu Is Right Again???

Ghee!! seems like he is "da man" again. (Please refer to 3 Dec 2007 posting). The best thing, he's not even live in Malaysia. And only by lookin at the chart, he beat me one more time, goshhhh damn old man. Happy New Year.

As for today, the share prices closed sharply lower across the board, sending the KLCI to its biggest single day fall in two years, on forced selling after last week's record trading volume, with the decline further intensified by heavy foreign investor selling.

Here's several reasons that being said by our local analyst regarding the sell down:

1. The selling could be attributed to renewed fears of a slowdown in the US economy after former Federal Reserve chairman Alan Greenspan told a business conference in Hong Kong that the US economy had been expanding since 2001 and there are signs the current cycle is coming to an end.
2. Investor confidence was also spooked by higher oil prices amid mounting tension in the Middle East after Iran failed a UN deadline on its nuclear programme.
3. The weak sentiment across the region could be triggered by concerns over economic data out of US as well as geopolitical tension in the Middle East.
4. The decline was mainly triggered by heavy deliveries after Thursday's record trading volume. Some 4.78 bln shares were traded on Feb 22.
5. With the benchmark KLCI now dipping below its 10-day moving average of 1,260 points level, the index may drift further to its next support level of 1,200 points. (Ghee! where the one who previously said 1400 lar, 1350 lar).
   

_____________________________________________________________