Market News - 19 Nov 2009

Wall St down 0.1%, after a surprise drop in home construction. Housing starts, the lowest in 6 months, down to an annual rate of 529,000 in Oct. CPI up 0.3% in October, higher than expected. Dollar was lower; commodities rose.   On Malaysia, Maxis listing today.

• Dow of 10,426. Resistances at 10,500, 10,800
• Dollar softer at 89.0 yen.
• Crude oil firmer at USD79, targeting USD84
• Gold of USD1141, may have topped out at intraday high of USD1,143. Correction to USD1131 is possible.
• Ringgit of 3.36, is stronger, ahead of Friday’s 3Q’2009 GDP, which is expected to improve to 2% contraction, compared to the 2Q’2009’s 3.9% contraction. Upside is at 3.36
• S’pore ringgit is firmer at 2.43. With a pullback support at 2.42, the long term upside is at 2.52.
• Malaysia market closed lower at 1275. With strong support at 1271, it is targeting yearend 1292, and 1300.
• CPO Dec futures is higher at RM2355, tracking higher crude oil. Upside is at RM2420.
• Today’s trading range is between 1271 and 1278.

 

Market News - 18 Nov 2009

Wall St rose 0.3%, as commodities rebounded, but the upside was capped by weak retailers. Retailers Home Depot and Target caution on earnings outlook. Wholesale inflation PPI was subdued, up 0.3% in Oct. Industrial production rose 0.1%, lower than expected, and down from Sept’s 0.7%. Dollar and commodities slightly up

• Dow of 10,437. Resistances at 10,500, 10,800
• Dollar unchanged at 88.9 yen.
• Crude oil unchanged at USD79, targeting USD84
• Gold hit USD1137 target. May have topped out at intraday high of USD1,143. Correction to USD1121 is possible.
• Ringgit of 3.36, is stronger. Upside is at 3.36
• S’pore ringgit is firmer at 2.43. With a pullback support at 2.42, the long term upside is at 2.52. S’pore exports, disappointed as it was down 6.1% in Oct, against an expectation of up 0.2%.
• Malaysia market closed higher at 1279. With strong support at 1271, it is targeting yearend 1292, and 1300.
• CPO Dec futures is unchanged at RM2311, tracking higher soybeans due to dry weathers in Argentina. Upside is at RM2340.
• Today’s trading range is between 1274 and 1286.

 

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.

 

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.

 

Market News - 12 Nov 2009

·         Wall St up 0.4%. Prospect in regional markets is likely to improve following the strong economic data from China, and Japan. China industrial production rose 16.1% annual in October, with exports improving in October, down 13.8%, compared to Sept’s 15.2% drop. Japan machinery orders rose 10.5% in Sep, exceeding estimate of 4.5%. This weekend APEC meeting Singapore is likely to continue stimulus package. Commodities gained, and dollar eased.

·         Dow of 10,291. Resistances at 10,300, 10,500, 10,800

·         Dollar unchanged at 89.9 yen.

·         Crude oil unchanged at USD79, targeting USD84

·         Gold continues to rise to USD1,114. Targeting USD1137

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

·         S’pore ringgit is firmer at 2.442. With a pullback support at 2.42, the long term upside is at 2.52

·         Malaysia market closed lower at 1270. Upside is at 1281, 1294. Support is 1268 price gap.

·         CPO Dec futures of RM2220, on support at RM2100 price gap, is targeting the price gap of RM2340 of 1/9/09.

·         Today’s trading range is between 1265 and 1275.