The Bulls are not back yet
August 28th 2007 07:24
Asian market today slipped into the reds after Singapore DBS Group revealed that it has more mortgage-backed securities than previously disclosed. Although without any indication of US-exposed collatarised debt obligations loss, shares nonetheless fell, reflecting the nervousness still strongly present in the market over US subprime exposures.
Weak US leads and data showing the number of unsold homes in the US highest in 15 years also pushed the market lower. Australia benchmark ASX S&P 200 index shed 9 points to 6176.2 points at closing.
Although the recovery over the past two weeks was a feel good factor but a closer look reveals that the positive performance was not accompanied with strong volumes.
A casual look at the volume turnover in the US, Australia and Malaysia markets show similar trend, which indicates that many investors are still staying on the sidelines waiting for more stronger signs.
The charts:
US S&P 500
Source: StockCharts
Australia All Ordinaries
Source: Yahoo Finance
Malaysia KLSE Composite Index
Source: Yahoo Finance
As in the charts, all the three markets show a similar uptrend over the same period with Malaysia having the weakest volume turnover of the three. Only a few bulls out there.
Weak US leads and data showing the number of unsold homes in the US highest in 15 years also pushed the market lower. Australia benchmark ASX S&P 200 index shed 9 points to 6176.2 points at closing.
Although the recovery over the past two weeks was a feel good factor but a closer look reveals that the positive performance was not accompanied with strong volumes.
A casual look at the volume turnover in the US, Australia and Malaysia markets show similar trend, which indicates that many investors are still staying on the sidelines waiting for more stronger signs.
The charts:
US S&P 500
Source: StockCharts
Australia All Ordinaries
Source: Yahoo Finance
Malaysia KLSE Composite Index
Source: Yahoo Finance
As in the charts, all the three markets show a similar uptrend over the same period with Malaysia having the weakest volume turnover of the three. Only a few bulls out there.
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