Who says the KLSE is boring? The index opened 10 points higher in the morning session, with investors going after the discounts. But an hour into the morning session, the market was deep in red. Profit takers, panic sellers, whatever you wish to call them manage to keep the index in the negative zone until the last 2 hours of the afternoon trading. The index ended the day at 1460.71; 7.05 points higher. A much welcome rebound.
Why the change in sentiment?
Everyone suddenly looks at US for the next market direction. Investors can expect a mild rebound tonight in the US market, a needed respite for all the sell-down we saw this week, ahead of the US Federal Reserve chairman Ben Bernanke’s testimony before the Congress on the country’s state of economy. This might just be the antidote for the current bearish mood. But the man needs to announce something substantial to reverse the prevailing down-trend.
And from Bloomberg...
JPMorgan Chase & Co. and Wells Fargo & Co. posted results that topped analysts' estimates, limiting losses in U.S. stocks yesterday.
Why the change in sentiment?
Everyone suddenly looks at US for the next market direction. Investors can expect a mild rebound tonight in the US market, a needed respite for all the sell-down we saw this week, ahead of the US Federal Reserve chairman Ben Bernanke’s testimony before the Congress on the country’s state of economy. This might just be the antidote for the current bearish mood. But the man needs to announce something substantial to reverse the prevailing down-trend.
And from Bloomberg...
JPMorgan Chase & Co. and Wells Fargo & Co. posted results that topped analysts' estimates, limiting losses in U.S. stocks yesterday.
``It's getting clearer now that the subprime crisis doesn't affect all banks the same way,'' said Heino Ruland, an equity strategist at FrankfurtFinanz Partner in Frankfurt.
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