Monthly Archives: February 2016

29Feb
PalmOil

Oil prices rise in early Asian trade Monday, signs mount market bottoming out

SINGAPORE:

  • Crude futures rose in early trading on Monday after gaining over 15 percent last week, with some indicators pointing to the possibility the market is showing signs of bottoming out.
  • International Brent futures had climbed around half a dollar, or 1.4 percent, from their last close to $35.58 per barrel at 8.41 p.m. ET on Monday.

 

  • U.S. West Texas Intermediate crude futures were up 18 cents at $32.96 a barrel after gaining over 15 percent the previous week.
  • Analysts said that first signs of a strengthening market outlook were appearing after a 20-month rout that has seen prices fall by 70 percent.
  • “The U.S. crude market also seems to have passed the worst point and crude runs should start creeping higher taking pressure off inventory levels. The latest EIA data on U.S. production is also supportive as it indicates that the low prices are finally having an impact,” said Richard Gorry, director of JBC Energy Asia.

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29Feb
MYR

Bursa Malaysia : Ringgit opens lower against US$

KUALA LUMPUR :

  • The ringgit opened lower against the US dollar Monday morning on weak demand for the local unit, dealers said.
  • At 9.02 am(0102GMT), the ringgit traded at 4.2200/2280 to the US dollar from 4.2010/2070 on last Friday.
  • A dealer said the local note is still in subdued mode due to the possibility of an interest rate hike by the US Federal Reserve anytime soon.
  • Meanwhile, the local note was traded higher against other major currencies. It improved against the Singapore dollar to 2.9906/9979 from Friday’s 2.9996/9056 and rose against the yen to 3.7154/7241 from 3.7236/7299.
  • The ringgit appreciated against the euro to 4.6099/6195 from 4.6417/6500 and against the British pound improved to 5.8477/8613 from 5.8747/8856.

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29Feb
gold-bars

Comex Trading Signals and Market News – 29 February 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold fell sharply on Friday after the Federal Reserve’s preferred gauge for inflation rose by its highest annual percentage in more than three years, augmenting hawkish sentiments for accelerated normalization in the U.S. central bank’s first tightening cycle in nearly a decade.On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,212.10 and $1,240.90 an ounce before settling at $1,220.20, down 18.60 or 1.51% on the session.
  • Silver futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the precious metal as San Francisco Fed President John Williams stressed that the Fed should follow a broad policy of gradual interest rate tightening with the number of rate hikes in the current monetary tightening cycle dependent on inflation and other economic data dimming the lure for Silver as a store of value.The focus today will be on the revised US Q4 GDP estimates and consumer spending data.
  • Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal as weak US economic data signaled concerns over copper’s demand outlook.Manufacturing activity in Kansas City shrank in February with the manufacturing gauge falling to -12 this month the lowest since 2009 from -9 in January as a reading below 0 signals contraction.

ECONOMY NEWS :

  • The Federal Reserve, facing the delicate task of explaining how it will forge ahead with rate hikes in a stormy world economy, is wary of again tying its actions to calendar dates but officials want to keep “forward guidance” as an emergency tool. San Francisco Fed President John Williams said on Friday such time-based guidance can be “like a sledgehammer … a powerful tool when it’s needed,” while Fed Vice Chairman Stanley Fischer said it is as close as the U.S. entral bank can get to a cohesive forecast.
  • EU and U.S. negotiators seeking a transatlantic free trade agreement expressed cautious optimism on Friday that they could resolve most issues by July, which could lead to a conclusion of a deal by the end of the year.The two sides are trying to agree on the Transatlantic Trade and Investment Partnership (TTIP), which supporters say could boost each economy by some $100 billion at a time of slowing growth in China and emerging markets.
  • China sought to restore confidence in its economy as financial leaders from G20 nations gathered in Shanghai on Friday, but Germany all but ruled out any coordinated stimulus to counter a deepening global chill.While the health of the world’s second-largest economy, which hosts the G20 presidency this year, is a key talking point around the two-day summit, the threat of the UK leaving the European Union and its political and economic implications have also surfaced as concerns among participants in the meeting.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1225 TARGET 1230 1237 SL 1218
  • SELL GOLD BELOW 1217 TARGET 1212 1204 SL 1222

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29Feb
forex-trading-tips

IForex Market Trading Signals and News – 29 February 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – USD/CAD slips to 2-1/2 month lows amid rising oil prices
  • Forex – Dollar extends gains to fresh 3-week peak vs. rivals
  • Forex – Dollar moves higher on upbeat U.S. GDP data

EUR/USD
The euro dropped to one-month lows against the U.S. dollar on Friday, as strong U.S. economic reports lent broad support to the greenback.EUR/USD hit 1.0944 during U.S. morning trade, the pair’s lowest since February 3; the pair subsequently consolidated at 1.0958, declining 0.54%.The pair was likely to find support at 1.0901, the low of February 3 and resistance at 1.1137, the high of February 22.Preliminary data showed that U.S. gross domestic product grew 1.0% in the fourth quarter, compared to a previously reported 0.7% growth rate and expectations for a 0.4% rate.Data also showed that personal spending rose 0.5% in January, beating expectations for a 0.3% gain, after an increase of 0.1% in December.

GBP/USD
The pound edged higher against the U.S. dollar on Friday, as sentiment on the greenback weakened ahead of a string of key U.S. economic reports and as concerns over a potential British exit from the European Union slightly eased. GBP/USD hit 1.4020 during European morning trade, the pair’s highest since Wednesday; the pair subsequently consolidated at 1.4014, rising 0.37%.Cable was likely to find support at 1.3875, Wednesday’s low and a seven-year low and resistance at 1.4155, Tuesday’s high.Investors were eyeing the release of U.S. economic growth, personal spending and consumer sentiment data, due later Friday, for further indications on the strength of the economy and potential U.S. rate hikes this year. The dollar had found support after data showed that U.S. durable goods orders rose far more-than-expected last month.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3880 TARGET 1.4000 1.4040 SL 1.3840
  • SELL GBP/USD BELOW 1.3830 TARGET 1.3810 1.3760 SL 1.3860

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29Feb
klse

Financial Klse Malaysia Stock Market Trading Picks And News – 29 February 2016

MARKET UPDATES :

  • The FBM KLCI index gained 5.28 points or 0.32% on Friday. The Finance Index increased 0.48% to 14028.51 points, the Properties Index up 0.54% to 1127.27 points and the Plantation Index down 0.16% to 7837.09 points. The market traded within a range of 7.28 points between an intra-day high of 1665.64 and a low of 1658.36 during the session.
  • Actively traded stocks include PUC, PUC-WB, HSI-HQ, AIRASIA, APFT, XOX, AAX, SONA-WA, JADI and DGB. Trading volume increased to 1687.52 mil shares worth RM1946.53 mil as compared to Thursday’s 1648.76 mil shares worth RM1859.86 mil.
  • Leading Movers were CIMB (+22 sen to RM4.47), AMMB (+16 sen to RM4.50), SKPETRO (+6 sen to RM1.95), GENTING (+24 sen to RM8.00) and PPB (+24 sen to RM16.06). Lagging Movers were AXIATA (-18 sen to RM5.80), RHBCAP (-7 sen to RM5.35), MAYBANK (-11 sen to RM8.53), PETCHEM (-8 sen to RM6.78) and WPRTS (-4 sen to RM3.88). Market breadth was negative with 335 gainers as compared to 492 losers.
  • The KLCI ended the week with a positive note, closing higher at 1663.44 points amid overnight gains in Wall Street. The performance of our benchmark index was lifted by gains in heavyweight counters led by CIMB.

STOCK RECOMMENDATION :

  • BUY YNHPROP ABOVE 1.940 TARGET 2.000 2.080 SL 1.920

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27Feb
bursa-malaysia-360x270

KLSE : Bursa highlights for 26th February

Bursa Malaysia :

  • Felda Global Ventures Holdings Bhd (FGV) plans to tap on China’s immense demand for ediblle oils (China is the world’s largest importer of edible oils) by acquiring a majority stake in Zhong Ling Nutri-Oil Holdings Ltd for RM976.25mil. Read more
  • AirAsia Bhd posted net profit of RM554.20mil in the fourth quarter ended Dec 31, 2015 compared with a net loss of RM428.51mil a year ago, boosting the full year FY15 earnings to RM540.96mil. The strong revenue was achieved on the back of a 10% year-on-year growth in the number of passengers carried at 6.47 million, which was ahead of the 1% capacity growth. Read more
  • AirAsia X achieved net profit of RM201.58mil in the fourth quarter ended Dec 31, 2015 (Q4, FY15) – the first net profit after eight quarters of losses since Q4, 2013 — boosted by better operating performance, other income, forex gain and deferred taxation. The long-haul low-cost carrier benefited from other income totaling RM94.79mil, forex gain of RM57.12mil and deferred taxation of nearly RM50mil. Read more
  • Carlsberg Brewery Malaysia Bhd posted a 17.8% rise in net profit of RM74.48mil for the fourth quarter ended Dec 31, 2015 compared to the same quarter in the previous year. The improved performance was achieved through effective revenue optimisation, better product and price mix as well as prudent cost management across the group.

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27Feb
BURSA1

US economy grew surprise 1% in 4th quarter

WASHINGTON :

  • The US economy grew stronger than expected in the fourth quarter of 2015, but the revised data confirmed Friday a sluggish expansion heading into the new year.
  • The Commerce Department said that gross domestic product, the broad measure of output, expanded at a 1.0% annual rate in the October-December quarter, faster than its previous estimate of 0.7%.
  • The upward revision surprised analysts, who had expected a cut to 0.4% amid weakness in the world’s largest economy and a slowdown in the global economy.
  • Even with the upward revision, fourth-quarter growth marked a sharp deceleration from the 2.0% expansion in the third quarter and the robust 3.9% pace in the second quarter.
  • And almost all of the reason for the increased GDP estimate came from an upward revision to inventories, which signals weak demand and could weigh on growth in the first quarter, and even into the second, analysts said.

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27Feb
BURSA

Wall Street ends lower in feeble end to strong week

NEW YORK :

  • Wall Street ended lower on Friday in a feeble end to another week of strong gains after concerns about the timing of future interest rate hikes offset gains in materials and energy stocks.
  • The S&P utility sector <.SPLRCU> led declines, down 2.73 percent. The materials index <.SPLRCM> was the biggest winner and was up for the third straight day with a 1.35 percent rise.
  • In a break from a trend seen for much of this year, energy shares clung to gains even after a rally in crude oil prices faded, with ConocoPhillips <COP.N> up 3.21 percent.
  • The Commerce Department said gross domestic product expanded at a 1-percent annual rate in the fourth quarter, an upward revision from its previous estimate of 0.7 percent growth. The data exacerbated concerns that the U.S. Federal Reserve could raise rates sooner rather than later. The economy grew at a rate of 2.0 percent in the third quarter.

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27Feb
BURSA1

KLSE : Sterling hits seven-year low

LONDON :

  • Sterling hit a seven-year low against the dollar on Friday, dogged by persistent worries about a possible British exit from the European Union which left the currency on track for its biggest weekly loss since 2009.
  • Sterling fell 0.65 percent to $1.3867, on course for a 3.7 percent weekly fall. It lost ground in afternoon trade in London after data from the United States showed the economy grew at a much faster pace than earlier estimated in the fourth quarter.
  • The euro was down 0.15 percent at 78.65, having hit a 14-month high of 79.28 pence on Thursday. The single currency came under pressure as rising stock markets made investors less inclined to pile into safe-haven and low-yielding currencies, including the yen and the euro.
  • British voters will decide on June 23 whether to stay in the EU, and sterling has been hit by worries that a “Brexit” would threaten the huge foreign investment flows the country needs to balance its current account deficit, one of the biggest in the developed world at around 4 percent of output.

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