A potential new bullish wave

REVIEW: Bursa Malaysia opened the week on a mixed note, with the benchmark Composite Index (CI) rising 2.38 points, or 0.22% at 1,061.88 amid advances in selected blue-chips. Elsewhere, second and third lower were mostly unchanged.

However, the gains could not be kept for long, as a pretty unclear picture from the US offered no clues about sentiment and little direction to local investors. Though the Asian peers managed to bounce back to life after a shaky start, supported by buying of defensive issues and financial sector, the CI soon headed south on renewed pressure, as more investors fled to the sidelines, simply because the local bourse was already on a downward correction following a 30.65-point plunge the week before.