Market News - 01 Dec 2009

Wall St rose 0.3%, on easing concern over default of Dubai World, following the assurance of the central bank of U.A.E to support local banks. Focus is on shoppers that continue to throng, signaling that the traditional Black Friday is here to stay, bringing cheers to retailers. Early report revealed 195 mln shoppers, versus 172 mln shoppers last year, between Thanksgiving and Sunday. Chicago PMI, a measure of regional manufacturing activity, rose to 56.1 in November from 54.2 in Oct. Dollar is slightly down. Commodities recover.

 

• Dow is at 10,344. Support is at 10,171. Resistances at 10,723, 11,000
• Dollar is drifting downwards to 86.0 yen. Support is at 84.0
• Euro/dollar is higher at 1.505. Longer term upside is at 1.53
• Crude oil is higher at USD77.
• Gold is higher at USD1181.With support at 1148, upside is at 1311.
• Ringgit is slightly weaker at 3.39. With support at 3.45, it is likely to gain ahead of October exports this Friday, expected to be down 10.3% yoy, the smallest drop in 11 months. Long termupside of 3.34.
• S’pore ringgit is firmer at 2.45. With a pullback support at 2.42, the long term upside is at 2.52.
• Malaysia market closed lower at 1259. With support at 1256, it is targeting 1278, and 1288.
• CPO Dec futures is RM2455, with support at RM2335. Upside remains at RM2500.
• Today’s trading range is between 1256 and 1268.