Daily Archives: March 16, 2016

16Mar
BURSA

Malaysia : AirAsia X eyes Russia flights

KUALA LUMPUR :

  • AirAsia Bhd’s long-haul low-cost unit, AirAsia X Bhd, has added Russia in its route prospects.
  • AirAsia group chief executive officer Tan Sri Tony Fernandes said he had met Russian Federation Council chairman Valentina Matvienko at an interactive meeting and business luncheon in Kuala Lumpur.
  • In his Twitter account, the aviation tycoon said: “Now meeting Russia Number 2 strong lady. AirAsia X will be flying to Russia soon.”
  • On the timeline, Fernandes, in a short text message, replied: “Wait and see.”
  • The meeting on Tuesday was organised by Asian Strategy and Leadership Institute (Asli), Russian Embassy in Malaysia and Business Council For Cooperation with Malaysia. Also present were Second International Trade and Industry Datuk Seri Ong Ka Chuan, Asli CEO Tan Sri Dr Michael Yeoh and Business Council for Cooperation with Malaysia chairman Dr Vladimir Sautov.
  • AirAsia X seems to be going all out adding new destinations this year, in line with its turnaround plan.
  • Earlier this year, AirAsia X CEO Benyamin Ismail was reported as saying the airline was also looking at restoring flights to Tehran given that Iran would offer a huge potential, while adding that London and Paris remained under its radar.
  • As at 3pm, AirAsia and AirAsia X were the top two most-actively traded stocks on Bursa Malaysia.
  • AirAsia rose seven sen to RM1.78 with 44.98 million shares traded and AirAsia X gained half-a-sen to 30 sen with 34.56 million shares transacted.

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

16Mar
MYR2

Bursa Mayalsia : Ringgit ‘grossly undervalued’

KUALA LUMPUR :

  • The ringgit, which has fallen by more than 15% against the US dollar since January last year, has made Malaysia very attractive, says Mark Mobius.
  • Mobius, executive chairman of Templeton Emerging Markets Group, also noted that the country’s economic growth has been very good.
  • He said although foreign reserves have come down, it was still at a good level while the public debt level was manageable.
  • “It (ringgit) is 28% undervalued, which is why we have been buying local stocks,” Mobius said.
  • He said this at the Securities Commission’s inaugural Global Emerging Markets Programme Conference.
  • He said things in Malaysia were cheap due to the depreciation of the ringgit, reinforcing his positive stance on Malaysia at this stage.
  • Mobius also pointed out that emerging markets (EM) were at a “turning point”, with funds expected to flow back into EMs.

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

16Mar
MYR1

Ringgit opens lower for third day on Wednesday

KUALA LUMPUR :

  • The ringgit opened lower for the third consecutive day on Wednesday dampened by weaker oil price, dealers said.
  • At 9am, the ringgit was quoted at 4.1400/1450 versus the US dollar from 4.1315/1355 on Tuesday.
  • A dealer said oil price continued to retreat after a month-long rally as oversupply issue resurfaced.
  • He said Brent crude, the global benchmark, fell 79 cents, or two per cent, to US$38.74 a barrel on Tuesday.
  • Meanwhile, the ringgit was mixed against other major currencies.
  • It was lower against the Singapore dollar at 2.9980/0025 from Tuesday’s 2.9958/0002 but strengthened against the yen to 3.6537/6591 from 3.6555/6601.
  • The local unit appreciated against the British pound to 5.8552/8635 from 5.8800/8869 but eased against the euro to 4.5983/6043 from 4.5897/5958 on Tuesday.

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

16Mar
gold-bars

Comex Trading Signals and Market News – 16 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Silver futures retreated during noon trade in the domestic market on Tuesday as investors and speculators stuck to a cautious stance ahead of the start of the two-day US Federal Reserve monetary policy meet in which the world’s top central bank may offer some cues over the path to raising interest rates further following a maiden rise in borrowing costs since 2006 in December.
  • Copper futures prices slipped by 0.34 per cent on Tuesday at the Multi Commodity Exchange (MCX) as traders trimmed their bets amid subdued demand from consuming industries at the spot market. The weak cues from global markets also weighed on market sentiments.
  • Crude oil prices dropped by 0.84 per cent on Tuesday ahead of industry estimates of US stockpiles and continued back-and-forth over prospects for an output freeze by key producers. Ahead the American Petroleum Institute will detail estimates of crude oil and refined product stockpiles as of last week. On Wednesday more closely-watched figures from the US Department of Energy are due.

ECONOMY NEWS :

  • China’s central bank is studying the introduction of a tax on currency transactions in an effort to curb speculation in the foreign exchange markets, Bloomberg reported on Tuesday citing unnamed sources. The rate of the so-called Tobin tax could be kept at zero initially while the new rule awaits central government approval, Bloomberg reported.
  • Indonesia’s growth rate will modestly accelerate in 2016 after slowing for several years amid higher public investment spending and improved sentiment towards reforms in Southeast Asia’s largest economy, the International Monetary Fund said on Monday.In its annual policy review, the IMF forecast Indonesia’s 2016 real gross domestic product growth at 4.9 percent, up from 4.7 percent in 2015 and 5.0 percent in 2014.
  • Australia’s Prime Minister Malcolm Turnbull said on Tuesday his government will this week introduce legislation to stimulate greater investment in startups – as Australia looks to transition its economy away from a slowing mining sector.Australia has proposed amended tax laws that would allow retail investors a 20 percent income tax rebate, capped at $200,000 per year on any startup investments, while a 10 percent tax rebate for venture capital investors in established start-ups wishing to expand will also be permitted.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1250 TARGET 1255 1261 SL 1244
  • SELL GOLD BELOW 1230 TARGET 1225 1219 SL 1236

For more information about Commodity Market Trading or Commodity Trading Signals, Please visit- EPIC RESEARCH MALAYSIA.

16Mar
Stacks of coins with the word FOREX isolated on white

IForex Market Trading Signals and News – 16 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Yen strengthens as BoJ holds, Fed meeting ahead
  • Forex -Dollar rises vs. rivals ahead of U.S. data, Fed
  • Forex-Aussie, kiwi move lower vs. greenback after RBA minutes

EUR/USD
EUR/USD continued to retreat from three-week highs from last Thursday, as market players awaited three major central banking meetings later this week.The currency pair traded between 1.1078 and 1.1153 in Monday’s session, before settling at 1.1103, down 0.0062 and 0.45% on the day. Last Thursday, the euro surged more than 1.6% against the dollar after the European Central Bank approved a wide range of stimulus measures aimed at bolstering economic growth throughout the euro zone. The euro has closed above 1.11 against its American counterpart in each of the last three sessions.EUR/USD likely gained support at 1.0709, the low from January 5 and was met with resistance at 1.1378, the high from Feb. 11.

GBP/USD
The Cable is set to rebound. The pair has just bumped into the lower boundary of the bullish channel, which is strengthened by the long-term moving average. GBP/USD is expected to bounce off of the support area at 1.4266/30 and then rally up to 1.4550. In the longer-term perspective, the price could try re-testing 1.4670, namely the February high. Alternatively, in case the bears keep pushing the rate lower despite the density of the demand zone, another potential line in the sand will be at 1.4190/70, represented by the weekly S1 and daily S3. The distribution between the longs and shorts, however, is against the rally, being that the Sterling is already overbought—65% of traders hold bullish positions.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4250 TARGET 1.4270 1.4290 SL 1.4210
  • SELL GBP/USD BELOW 1.4200 TAGET 1.4180 1.4150 SL 1.4230

For more information about Forex Signals and Market Updates, please visit EPIC RESEARCH MALAYSIA.

16Mar
klse

Financial Klse Malaysia Stock Market Trading Picks And News – 16 March 2016

MARKET UPDATES :

  • The FBM KLCI index lost 9.39 points or 0.55% on Tuesday. The Finance Index fell 0.05% to 14369.92 points, the Properties Index up 0.31% to 1145.35 points and the Plantation Index down 0.07% to 8031.01 points. The market traded within a range of 10.11 points between an intra-day high of 1699.44 and a low of 1689.33 during the session.
  • Actively traded stocks include AAX-WA, AIRASIA, AAX, SONA-WA, OCK-WA, RSENAWA, VIVOCOM, PALETTE, CAP and SKH. Trading volume increased to 1524.54 mil shares worth RM1703.66 mil as compared to Monday’s 1472.66 mil shares worth RM1614.29 mil.
  • Leading Movers were ASTRO (+5 sen to RM2.95), KLK (+36 sen to RM24.54), HLFG (+16 sen to RM14.80), PBBANK (+16 sen to RM18.78) and YTL (+1 sen to RM1.60). Lagging Movers were UMW (-31 sen to RM6.68), AXIATA (-14 sen to RM5.86), GENTING (-19 sen to RM8.65), BAT (-116 sen to RM55.14) and HLBANK (-22 sen to RM13.02). Market breadth was positive with 409 gainers as compared to 381 losers.
  • The KLCI closed lower at 1690.92 points after Japan’s central bank kept the interest rate unchanged in negative territory. Our benchmark index was dragged down by losses in heavyweight counters such as UMW Holdings and Axiata.

STOCK RECOMMENDATION :

  • BUY AIR ASIA 1.800 TARGET 1.840 1.880 SL 1.730

For more information about KLSE stock market please feel free to visit EPIC RESEARCH MALAYSIA.

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