Market News - 17 Nov 2009

Wall St rose 1.3%, on extended low interest rates. US retail sales rose 1.4% in October due mainly to auto sales. Regional markets got a boost from Japan 3Q’2009 GDP, expanded 4.8%, higher than the 2.9% estimate. On Malaysia, focus was on market talk of Affin and Hong Leong, as Guoco increases stake in a major shareholder of Affin, Bank of East Asia, which has been raising the stake on Affin to 21%.

 

·         Dow of 10,406. Resistances at 10,500, 10,800

·         Dollar down to 89.4 yen.

·         Crude oil up to USD79, targeting USD84

·         Gold firmer at USD1,139. With support at 1121, upside is at USD1142

·         Ringgit of 3.36, is stronger. Upside is at 3.34-3.33.

·         S’pore ringgit is softer at 2.427. With a pullback support at 2.42, the long term upside is at 2.52

·         Malaysia market closed higher at 1278. With price gap support at 1271, it is targeting yearend 1286, then 1294.

·         CPO Dec futures is higher at RM2311, tracking higher soybeans due to dry weathers in Argentina. Upside is at RM2340.

·         Today’s trading range is between 1274 and 1286.