Daily Archives: March 9, 2016


Bursa Malaysia : Ringgit opens lower against US dollar


  • The ringgit opened lower against the US dollar on Wednesday morning on lack of market moving catalyst.
  • At 9.07am, the local unit was quoted at 4.1275/1335 per US dollar versus 4.1050/1100 at 5pm on Tuesday.
  • A dealer said market participants were cautious ahead of Bank Negara Malaysia’s monetary policy committee meeting later today.
  • The ringgit was also traded weaker against other currencies.
  • It declined against the Singapore dollar to 2.9776/9823 from 2.9656/9703 yesterday and fell against the euro to 4.5369/5452 from 4.5262/5333.
  • It also depreciated against the British pound to 5.8602/8704 from Tuesday’s  5.8410/8502 and decreased against the yen to 3.6682/6752 from 3.6344/6397 yesterday.

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Bursa Malaysia : Petronas taking steps to mature Canada LNG project


  • Petronas, through its subsidiary, Pacific NorthWest LNG (PNW LNG), is proactively taking steps to mature its Canadian liquefied natural gas (LNG) project towards its final investment decision.
  • Responding to recent media reports on the status of the project, Petronas said the Canadian environmental impact assessment process for the PNW LNG project was still ongoing.
  • A final report would be produced by the relevant agency to be submitted to the Canadian government for approval, Petronas said in a statement on Wedneday.
  • The national oil corporation also said it would review the final report with project shareholders and evaluate conditions attached to the report to further determine their impact on overall cost structure and project schedule.
  • “The outcome, reviewed together with the LNG market outlook and overall project commerciality, would be used to develop the proposal for an investment decision to be considered by PNW LNG shareholders,” the statement added.

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Comex Trading Signals and Market News – 09 March 2016


  • Silver futures were trading higher during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal amid hopes that the European Central Bank (ECB) will unleash further monetary easing measures to prop up the Euro area economic recovery when it meets this Thursday a move which could boost gold a hedge against the inflationary risk of monetary stimulus.
  • Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after a sharp fall in China’s exports and imports in the month of February signaled concerns over the economic outlook for the world’s biggest metals consuming nation clouding the demand outlook for copper.
  • Oil prices were lower on Tuesday, pulling back from the prior session’s three-month highs as risk appetite waned after the latest trade figures out of China added to concerns over the health of the world’s second-biggest economy. Exports plunged 25.4% from a year earlier in February, far worse than forecasts for a decline of 12.5% and the worst monthly performance since May 2009, while imports dropped 13.8%, compared to expectations for a fall of 10.0%.


  • Bank of England Governor Mark Carney on Tuesday backed Prime Minister David Cameron’s European Union deal ahead of a June referendum on membership, saying the agreement allowed the central bank to do its job. While Carney said he was not making any recommendation about how to vote in the June 23 referendum, he gave a positive assessment of Cameron’s EU settlement.
  • Japan’s gross domestic product was down an annualized 1.1 percent on year in the fourth quarter of 2015, the Cabinet Office said in Tuesday’s revised reading, following last month’s preliminary reading that suggested a contraction of 1.4 percent. GDP expanded 1.3 percent in the third quarter. On a quarterly basis, GDP dipped 0.3 percent – which also marked an upward revision from 0.4 percent. GDP added 0.3 percent in the three months prior.
  • China’s exports tumbled in February though the massive slide reflected the shift in the timing of Chinese New Year. Exports plummeted 25.4% year-on-year in February, the biggest fall since May 2009, the General Administration of Customs reported today. At the same time, imports also plunged by around 14%. As the decline in exports outpaced the fall in imports, the trade surplus narrowed sharply to $32.6 billion from $63.29 billion in the prior.


  • BUY GOLD ABOVE 1276 TARGET 1281 1287 SL 1270
  • SELL GOLD BELOW 1272 TARGET 1268 1262 SL 1278

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Stacks of coins with the word FOREX isolated on white

IForex Market Trading Signals and News – 09 March 2016


  • Forex -Yen rises as weak China trade data sours sentiment
  • Forex -Aussie, kiwi lose ground amid profit-taking
  • Forex -Dollar slips as oil and metals markets rally

The European currency keeps its daily gains vs. the dollar today, with EUR/USD hovering over the 1.1020/25 band so far.The sentiment remains unaltered around the single currency on Tuesday after EMU’s GDP figures showed the economy has expanded 0.3% interquarter during Q4 and 1.6% on an annualized basis, surpassing prior surveys at 1.5%. Ahead in the session, the NFIB’s index is only due in the US calendar followed by the weekly report on crude stockpiles by the API.In the meantime, spot is managing quite well to keep the trade above the 1.1000 handle, although the recent upside will be put to the test later in the week in light of the ECB meeting and prospects of additional stimulus in the region.

The sterling remains on the defensive today, with GBP/USD dropping to session lows in the 1.4220 area.In spite of the current decline, the pair manages to keep the trade in the upper end of the recent range above he 1.4200 mark, hovering over the 50% Fibo retracement of the February down-move.In addition, spot kept the composure after comments by Governor Mark Carney passed largely unnoticed amongst traders, stressing that the BoE will not offer any assessment on a ‘Brexit’ scenario.As of writing the pair is retreating 0.16% at 1.4244 and a breach of 1.4188 (20-day sma) would open the door to 1.4079 (low Jan.21) and then 1.3836 (multi-year low Feb.29). On the other hand, the next hurdle lines up at 1.4348 (61.8% Fibo of 1.4670-1.3833) followed by 1.4387 (55-day sma) and finally 4410.


  • BUY GBP/USD ABOVE 1.4284 TARGET 1.4304 1.4334 SL 1.4254
  • SELL GBP/USD BELOW 1.4218 TAGET 1.4198 1.4168 SL 1.4248

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Financial Klse Malaysia Stock Market Trading Picks And News – 09 March 2016


  • The FBM KLCI index lost 10.07 points or 0.59% on Tuesday. The Finance Index fell 0.38% to 14339.44 points, the Properties Index dropped 0.32% to 1132.79 points and the Plantation Index down 0.23% to 7839.53 points. The market traded within a range of 21.55 points between an intraday high of 1706.08 and a low of 1684.53 during the session.
  • Actively traded stocks include AAX-WA, CHINHIN, AAX, XOX, AIRASIA, ARMADA, XOX-WA, SUMATEC, HSI-HT and TALAMT. Trading volume decreased to 2005.63 mil shares worth RM2065.80 mil as compared to Monday’s 2436.57 mil shares worth RM2453.86 mil.
  • Leading Movers were AMMB (+5 sen to RM4.53), SKPETRO (+2 sen to RM2.12), RHBCAP (+5 sen to RM5.73), PETCHEM (+1 sen to RM6.86) and PETDAG (+2 sen to RM24.76). Lagging Movers were GENTING (-31 sen to RM8.35), GENM (-13 sen to RM4.24), ASTRO (-7 sen to RM2.72), DIGI (-10 sen to RM4.92) and BAT (-96 sen to RM56.04). Market breadth was negative with 286 gainers as compared to 568 losers.
  • The KLCI halted its winning streak and closed lower at 1687.86 points amid mixed performance in US markets. The performance of our local bourse was bogged down by selling in heavy weight counters such as Genting, Astro and Digi.


  • BUY PMETAL ABOVE 2.390 TARGET 2.500 2.650 SL 2.300

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