I have been having problems with the internet connection at home lately. Hope the connection will be restored soon especially during the weekend.
Our KLCI has not been performing well this week, and relatively, it is worse than many other markets. For the passed 4 days, the CI has lost about 30 points mainly due to political uncertainty and sell down in plantation stocks. Looking at the Dow Jones which plunged 225 points this morning, our market(and others of course) is in big trouble heading towards Olympics. The charts above especially the daily MACD shows that it is in great danger of giving up its uptrend assault if the next few days of trading remains in the negative. This will practically ends the 2 weeks uptrend cycle first created since July 23(please refer here). The support is seen at 1,100 and 1,050. Sigh...we may just have to watch the Olympics and let the markets and politics play themselves out then...Arr how many golds do you think China(or Malaysia) will get this time ah??
* Still more bad results: Axa, Toyota and Barclays earnings are all down by at least 30% in their latest earnings release.
* Reuters: Japan's July forex reserves rose slightly to USD1.007T (June USD1.001T and a year ago USD923.718B).
* Bloomberg: NZ's unemployment reaches 2 year high at 3.9% in the 2nd quarter due to jump in job seekers. Australia's latest jobless rate is at 4.3%.
* Bank of Korea unexpectedly raises interest rate to 5.25% to curb inflation, its highest rate in 7 1/2 years. Inflation stood at 5.9% in July as compared to the Central Bank's target of 2.5-3.5%.
* BT: Credit Suisse keeps their "UnderWeight" rating on the Malaysian market.
* TheStarOnline: MSWG to Maybank's directors: Get the deposit RM480m back or resign!!
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