Daily Archives: March 14, 2016

14Mar
BURSA

Zheshang Bank launches US$1.75b Hong Kong IPO

HONG KONG :

  • Commercial lender China Zheshang Bank Co Ltd launched on Monday an initial public offering worth up to US$1.75 billion in Hong Kong, the city’s first sizeable new listing this year, as companies step up efforts to raise funds.
  • The bank, based in China’s eastern Zhejiang province, is offering 3.3 billion shares in an indicative range of HK$3.92 to HK$4.12 each, Thomson Reuters publication IFR reported, citing a term sheet of the transaction.
  • The shares are equivalent to 19% of Zheshang Bank’s enlarged share capital.
  • The IPO would be the largest in Hong Kong since a US$1.9 billion listing in December from China Energy Engineering Corp Ltd.
  • Hong Kong, which replaced New York in 2015 as the world’s biggest IPO market by the amount of funds raised, has seen just US$800 million of new listings so far this year. But activity is expected to pick up in the coming weeks with other offerings including an up to US$1 billion deal from commercial lender Bank of Tianjin.

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14Mar
BURSA1

China burns hedge funds as $562m Yuan bet turns worthless

HONG KONG :

  • The battle over the fate of China’s currency is starting to get bloody for the bears.
  • Seven months after a shock devaluation spurred hedge funds and other speculators to wager on further declines, the yuan’s unexpected resilience has turned many of those bets into losers.
  • At least $562 million of options that pay out if the currency drops below 6.6 per dollar — its weakest point since the devaluation — have expired worthless since August. Another $807 million will lapse within three months.

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14Mar
MYR2

KLSE : Ringgit opens lower against US dollar

KUALA LUMPUR :

  • The ringgit opened lower against the US dollar today on a technical correction after registering strong gains last week, a dealer said.
  • At 9am, the ringgit was quoted at 4.0910/0960 against the US dollar from 4.0860/0910 last Friday.
  • The ringgit’s overall stronger performance last week was aided by improving crude oil prices.
  • The dealer said improving oil prices and positive sentiment on Bursa Malaysia also helped lift the ringgit.
  • Meanwhile, the ringgit was mostly weak against other major currencies at the opening today.
  • It was lower against the Singapore dollar at 2.9781/9835 from 2.9656/9707 on Friday, but strengthened against the yen to 3.5902/5961 from 3.5927/5981.
  • The local unit declined against the British pound at 5.8824/8913 from 5.8275/8366 and eased against the euro to 4.5615/5687 from 4.5400/5471.

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14Mar
comex

Comex Trading Signals and Market News – 14 March 2016

INTERNATIONAL COMMODITY NEWS :

  • Natural Gas futures rose handsomely during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity amid speculation that lower prices of the fuel which has witnessed a bearish ride off late may encourage low production and boost demand.
  • Oil prices jumped on Friday supported by fresh investment and a weaker dollar, which makes fuel cheaper for importers using other currencies, but analysts warned that a stronger price rally was premature as a global glut remained in place.U.S. crude futures (CLc1) were trading at $38.64 a barrel at 0749 GMT, up 80 cents and over 2 percent from their last close.
  • Gold held steady at a 13-month high in European morning hours on Friday, as increased safe-haven demand following the announcement of fresh stimulus measures by the European Central Bank continued to support the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were little changed at $1,272.10.

ECONOMY NEWS :

  • Japanese banks have expressed concern that the Bank of Japan’s negative interest rate policy is hurting their earnings, which could lead them to charge higher fees on corporate accounts, according to a presentation by the Cabinet Office.However, companies welcomed negative rates because these have lowered borrowing costs, and some companies even say they plan to increase their capital expenditure, the presentation on Friday showed.
  • Germany’s wholesale prices dropped 1.9 percent year-on-year versus 1 percent decrease in January, Destatis said Friday. The index has been falling since July 2013. It was the biggest decline since February 2015. A sharp 15.1 percent decrease in solid fuels and related product prices contributed to the annual fall in February. On a monthly basis, wholesale prices slid 0.5 percent in February, slightly faster than January’s 0.4 percent drop.
  • Britain’s economic growth rate would be higher if its official statistics properly reflected the explosive growth in online activity, former Bank of England Deputy Governor Charlie Bean, who is leading a review into British statistics, said. If the digital economy was fully captured in economic statistics it could add between one third and two thirds of a percent to the growth rate of the British economy, a report drawn up by Bean and published on Friday said.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1270 TARGET 1275 1281 SL 1265
  • SELL GOLD BELOW 1263 TARGET 1258 1252 SL 1268

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14Mar
forex-trading-tips

IForex Market Trading Signals and News – 14 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Euro dips after surge post-ECB
  • Forex -Dollar moves higher, recovers from Draghi remarks
  • Forex-Australia, NZ dlrs eclipsed by euro, Aussie still shines vs USD

EUR/USD
The euro pulled away from one-month highs against the U.S. dollar on Friday, as markets digested the European Central Bank’s most recent policy decision and comments by ECB President Mario Draghi.EUR/USD slipped 0.16% to 1.1161, pulling away from the previous session’s one-month peak of 1.1217.The euro initially weakened after the ECB cut interest rates across the euro zone to new record lows and boosted its quantitative easing program on Thursday.The ECB wrong footed markets by cutting its benchmark interest rate to a record-low of zero from 0.05%. Market watchers had been expecting no change. The central bank also cut the deposit facility rate deeper into negative territory, to minus 0.4% and cut the marginal lending rate cut to 0.25% from 0.30%.

GBP/USD
The pound was almost unchanged against the U.S. dollar on Friday, hovering close to a three-week high after data showed that the U.K. trade deficit narrowed more-than-expected in January. GBP/USD hit 1.4298 during European morning trade, the session high; the pair subsequently consolidated at 1.4285.Cable was likely to find support at 1.4115, Thursday’s low and resistance at 1.4409, the high of February 19.The U.K. Office for National Statistics said the country’s trade deficit narrowed to £10.29 billion in January from £10.45 billion in December, whose figure was revised from an initial deficit of £9.92 billion.Economists had expected the trade deficit to come in at £10.3 billion in January.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4280 TARGET 1.4260 1.4230 SL 1.4310
  • SELL GBP/USD BELOW 1.4250 TAGET 1.4230 1.4200 SL 1.4280

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14Mar
klse

Financial Klse Malaysia Stock Market Trading Picks And News – 14 March 2016

MARKET UPDATES :

  • The FBM KLCI index gained 5.63 points or 0.33% on Friday. The Finance Index increased 0.09% to 14381.83 points, the Properties Index up 0.36% to 1137.47 points and the Plantation Index rose 1.28% to 7983.43 points. The market traded within a range of 10.04 points between an intra-day high of 1698.15 and a low of 1688.11 during the session.
  • Actively traded stocks include RSENA-WA, GAMUDA-WE, AAX-WA, XOX, EKA, AAX, AIRASIA, HIBISCS, BIOHLDG and HSI-C17. Trading volume decreased to 1632.46 mil shares worth RM1753.90 mil as compared to Thursday’s 1715.09 mil shares worth RM1814.36 mil.
  • Leading Movers were ASTRO (+11 sen to RM2.90), IOICORP (+14 sen to RM4.96), GENTING (+22 sen to RM8.88), PPB (+32 sen to RM16.72) and BAT (+104 sen to RM56.00). Lagging Movers were UMW (-13 sen to RM7.00), PETCHEM (-8 sen to RM6.75), WPRTS (-4 sen to RM4.00), GENM (-2 sen to RM4.26) and DIGI (-2 sen to RM4.92). Market breadth was positive with 406 gainers as compared to 385 losers.
  • The KLCI extended yesterday gains and closed higher at 1696.54 despite overnight mixed performance in US market. Our benchmark index was buoyed by buying interest in heavy weight counters such as IOI Corp, Genting and AmBank.

STOCK RECOMMENDATION :

  • BUY HIBISCS ABOVE 0.230 TARGET 0.250 0.300 SL 0.180

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