Sunday, June 7, 2009

Market Update

Dow Industrial Average reached a high of 8839 in the opening minutes before succumbing to selling pressure. It lost all its gain and went into negative territory before buyers came in to bring up the index. Market closed at 8768, up 12 points for the whole session.

The non-farm payroll showed a decline of 345000, a better than expected number of job losses. However un-employment rates reached a high of 9.4%. This mixed picture also explains why the market closed near the unchanged mark.

Looking at KLCI, it has recovered more than 50% of its downswing from May 08 till Oct 08. Immediate resistance is at 1090, 1111 and 1141 respectively. Support is at 1055, 1036 and 1000.

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