Monday, May 21, 2007

Update For Today

KLCI ends down 0.7% at 1347.17 in thin volume, off intraday low of 1344.08; market breadth deeply negative throughout the day with decliners thumping advancers 676 to 235. Some (not me because i don't really know why our market turned south today) said China's tightening efforts caused some jitters in the market. This was compounded by Bumi-Commerce's (BCHB) decision to probe further into (recently acquired) Southern Bank's accounts. Transparency issues are now weighing on investor sentiment. KLCI tipped to consolidate in 1340-1350 (psychological resistance) tomorrow but with downside bias as market continues to consolidate from recent high of 1368.87.


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