Market News - 03 Aug 2009

U.S. and European Market Roundup 

·  The DJIA up 17.15 points to 9,171.61 points.

·  U.S. stocks rose for a third week, completing the Dow Jones Industrial Average’s best month since 2002 as government data showed softness in consumer spending but reinforced expectations that the economic slump is abating. 

·  European stocks closed lower on Friday after downbeat U.S economic data, but rose for the third straight week, as investors continued to view most earnings in the current season positively, including L'Oreal. The top European shares fell 0.2% to close at 928.78 points.

 Macro and Corporate New

·  Proton Holdings is keen to develop long-term strategic partnerships with foreign carmakers, but essentially on matters concerning sharing of platform to produce a car. Chairman Datuk Nadzmi Mohd Salleh said Proton aspires to be in the carmaking business for the long haul.

 

Market News - 31 Jul 2009

U.S. and European Market Roundup 

·  The DJIA up 83.74 points to 1,160.66 points.

·  U.S stocks rose on Thursday as solid corporate profit reports and a drop in the number of Americans on jobless benefits gave investors reasons to buy equities following the S&P 500's two days of losses. 

·  European equities hit their highest closing level in nearly nine months on Thursday and ended firmer for the 12th out of 14 sessions, as encouraging earnings results and soothing economic data boosted investor morale.

 

Macro and Corporate New

·  Multi Sports Holdings Ltd, one of the top five sports shoe sole specialist maker based in Jinjiang, Fujian (China), expects to raise RM48.9 mln from its initial public offer en route to a Bursa Malaysia listing next month.

·  Intergrated offshore crane services provider Handal Resources is looking to expand into Thailand and Indonesia, its Executive Chairman, Datuk Mohsin Abdul Halim. Even in Malaysia, the company only operates fully in Terengganu and has yet to expand to other areas. 

 

Market News - 30 Jul 2009

U.S. and European Market Roundup 

·  The DJIA down 26.00 points to 9,070.72 points.

·  U.S stocks fell on Wednesday as investors worried that China might be ready to hit the brakes on lending, a move that could curb demand and hinder the global economic recovery. 

·  European shares rose on Wednesday, as a slew of corporate earnings releases encouraged investors with chemicals companies among the biggest gainers.

 

Macro and Corporate New

·  Boustead is selling its Indonesian oil palm estates and its insurance business under BH Insurance (M), and expects to raise up to RM730 mln from the rights issue  Boustead Holdings expects to raise about RM1.3 bln by the end of this year from a rights issue and the sale of existing businesses to cut debt and fund expansion.

 

FKLI-NEXT Technical Analysis - 30 Jul 2009

As month end approaching traders begin to divert attention to FKLI-NEXT.

FKLI-NEXT traded lower closed 13.5 lower @ 1160 impacted from weak regional market especially China sell off.

Bollinger Band width continue expanding with candle above middle BB band suggesting market still have room for moving up. MACD remain bullish with RSI near to overbought zone.

Immediate support 1152.5, 1135.5, 1105.5 @ while resistance @ 1162, 1168, 1189.5

Market News - 29 Jul 2009

U.S. and European Market Roundup 

·  The DJIA down 11.79 points to 9,096.72 points.

·  The Dow and the S&P 500 dipped on Tuesday as investors shrugged off weak consumer confidence data and focused on positive earnings reports. 

·  European shares fell on Tuesday after hitting their highest close for 8-1/2 months in the previous session, as Deutsche Bank led banks lower and BP's results put pressure on energy stocks. 

Macro and Corporate New

·  Bursa Malaysia will launch in the middle of next month a global trading platform that enables banks to buy and sell commodities to facilitate Islamic finance.

·  It may become the fourth company from China to be listed on Bursa Malaysia once several corporate exercises are completed by the first quarter of next year.