Tuesday, October 09, 2007

Follow Through Buying

KLCI ends +0.4% at 1369.39, off intraday low of 1359.63 in heavy volume of 1.70 billion shares as local funds bargain hunt blue chips and government-led companies on weakness, say dealers. Market breadth ended negative with decliners edging out gainers 423 to 416 although ratio narrowed toward close of trade. Benchmark likely to trade in 1360-1385 range tomorrow if follow through persists and U.S. stocks post at least modest gains overnight. The market went through a mild correction but firm buying interest by local funds helped to reverse the KLCI's fall. Heavy speculative trade drove up a number of small-cap and penny-stocks on positive newsflow.


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