Market News - 16 Nov 2009

Wall St rose 0.7%, mainly on the dip of the dollar. Consumer sentiment unexpectedly drop to 66, from October’s 70.6. US Sep trade deficit rose 18.2%, largest since January, affected by the higher oil price. Dollar eased on comment from World bank president that US is limited in addressing the dollar weakness, and China said that yuan would not gain against the dollar.

 

·         Dow of 10,270. Resistances at 10,300, 10,500, 10,800

·         Dollar down to 89.8 yen.

·         Crude oil steady at USD76, targeting USD84

·         Gold firmer at USD1,116. Targeting USD1137

·         Ringgit of 3.38, is stronger. Upside is at 3.36. Support at 3.4

·         S’pore ringgit is firmer at 2.44. With a pullback support at 2.42, the long term upside is at 2.52

·         Malaysia market closed unchanged at 1270. With strong support at 1256, it is targeting yearend 1284.

·         CPO Dec futures is steady at RM2235, tracking higher soybeans due to dry weathers in Argentina. Upside is at RM2340.

·         Today’s FBM KLCI trading range is between 1266 and 1276.