Wednesday, June 30, 2010

20100630 1819 FCPO EOD Daily Chart Study.

FCPO closed : 2373, changed : +7 points, volume : lower.
Bollinger band reading : side way downside biased.
MACD Histrogram : weakening, seller staying.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
FCPO managed to registered a positive closed in lesser volume traded after less encouraging export data released. Daily chart outlook remained unchanged with a side way range bound downside biased reading after tested lower support level.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20100630 1813 FKLI EOD Daily Chart Study.

FKLI closed : 1313 changed : -2.5 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : weakening, buyer closing position with seller present
Support : 1310, 1300, 1290 level.
Resistant : 1318, 1325, 1330 level.
Comment :
12.5 points range half volume transaction FKLI ended marginally lower on the last trading day. Meanwhile Jul 2010 contract ended lower doing 6 points discount compare to cash market. Daily chart formed a long lower shadow doji bar candle with the reading suggesting a side way range bound market.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20100630 1303 Global Market News.

ECB Loans Demand for cash on offer from the ECB today will highlight how much European banks still rely on the central bank for funding. Lenders need to repay 442 billion euros ($540 billion) tomorrow and credit Markets may face a renewed bout of risk aversion should demand for the three-month ECB loans exceed 300 billion euros, according to Laurent Fransolet, head of European fixed-income strategy at Barclays Capital. The ECB will announce how much money banks have asked for at about 11:15 a.m. in Frankfurt.

Asian shares fall on risk reduction
SINGAPORE, June 30 (Reuters) - Asian stocks slid and the euro struggled near a two-week low as investors unwound risky positions before the quarter-end amid heightened concerns over banks' funding conditions in Europe.
"Given that the market has risen pretty sharply since late May, I am not overly alarmed by the size of falls we are seeing today," said Choi Seong-lak, a market analyst at SK Securities. KOSPI has gained 8 percent in the past month after hitting a six-month low on May 25.
 Asia shares fall as bank funding fears growSINGAPORE, June 30 (Reuters) - Asian stocks slid and the euro struggled near a two-week low on Wednesday on concerns over banks' funding conditions in Europe and the pace of the global recovery.
Fears of a potential liquidity shortfall of more than 100 billion euros in the financial system as European banks repay 442 billion euros ($545.5 billion) in emergency loans sparked the latest sell-off in equity markets, with the Standard & Poor's 500 Index  tumbling to an eight-month low.

Stocks fall as bank funding worries intensify
LONDON, June 29 (Reuters) - World stocks hit a 2-1/2 week low  while oil and the euro also slipped as investors grew nervous over the funding situation of banks about to repay 442 billion euros ($545.5 billion) to the European Central Bank.
"There's concern over the ECB expiry of the massive liquidity facilities member state banks have been enjoying ... We're seeing a real sense of uncertainty about the market at the moment, a real lack of conviction," IG Markets analyst Ben Potter noted.

Fed officials: US recovery firm but watching Europe
RICHMOND, Va., June 28 (Reuters) - Europe's debt debacle poses some risks for the United States, but is unlikely to derail the country's solid economic recovery, top Federal Reserve officials said.
Financial markets have grown nervous in recent months about the possibility that some European countries might have trouble repaying their debts, potentially setting off a renewed banking sector crisis.

20100630 1300 FKLI Mid Day Hourly Chart Study.

FKLI closed(Jul Contract) : 1313 changed : -2 points, volume : moderate.
Bollinger band reading : side way correction downside biased.
MACD Histrogram : recovering, selling taking profit.
Support : 1310, 1300, 1290 level.
Resistant : 1318, 1325, 1330 level.
Comment :
Opened lower FKLI managed to recovered higher to register a minor drop during closing as profit taking activities take place pushing price to move upward in sustaining volume traded. Hourly chart showing a side way correction downside biased market.

20100630 1259 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2363, changed : -3 points, volume : low.
Bollinger band reading : downside biased.
MACD Histrogram : reversed upward, seller take profit.
Support : 2350, 2330, 2300 level.
Resistant : 2370, 2400, 2450 level.
Comment :
Continue drop in soy oil and crude oil price plus a less exciting crude palm oil export data lead FCPO to opened and traded weakly followed by profit taking activities lifted price to recovered mostly closing only slightly lower in mild volume changed hand. Hourly chart reading shows a downside biased market with pullback correction taking place after price opened and traded way below lower Bollinger band.

20100630 1231 Global Economic News.

Thailand: Raises 2010 growth forecast as exports surge
Thailand’s Finance Ministry raised its 2010 economic growth forecast for the second time in three months as soaring exports overshadowed the impact from the nation’s recent deadly political unrest. Gross domestic product may expand 5% to 6% in 2010, with a mid-point forecast of 5.5%, Ekniti Nitithanprapas, the ministry’s spokesman, said. The ministry in March raised the estimate to as much as 5% from a December projection of as much as 4%. (Bloomberg)

Philippines: Aquino plans ‘austerity’ to cut Philippine budget gap
Philippine President-elect Benigno Aquino will implement “austerity measures” and focus public spending on helping the poor as he seeks to narrow the budget deficit without raising taxes, his incoming officials said. Aquino’s economic team, will review in two weeks the growth and fiscal goals set by the previous government, and may reduce the 2010 budget-shortfall target, Budget Secretary-designate Florencio Abad said. The administration may cut the deficit to about 2% of gross domestic product in three years. (Bloomberg)

South Korea: Manufacturers’ confidence holds near 7-year high
South Korean manufacturers’ confidence held near a seven-year high as companies shrugged off concern that the global rebound may falter. An index measuring expectations for July stayed at 104, unchanged from June, the Bank of Korea said. The reading hit 107 in May, the highest since the fourth quarter of 2002, when the bank published its confidence survey on a quarterly basis. A measure of non-manufacturing companies’ expectations fell to 87 from 90. (Bloomberg)

Japan: Production declines, jobless rate increases
Japan’s industrial production and household spending slipped in May and the unemployment rate unexpectedly increased, in signs that the recovery of the world’s second-largest economy may slow. The jobless rate reached 5.2% in May, the third straight monthly increase and the highest level since December. Factory output dropped 0.1% from April, the Trade Ministry said. (Bloomberg)

Euro: Economic confidence unexpectedly improves
European confidence in the economic outlook unexpectedly improved in June after reviving global growth and a drop in the euro bolstered the region’s recovery. An index of executive and consumer sentiment in the 16 euro nations rose to 98.7 from 98.4 in May, the European Commission in Brussels said. Economists had projected a drop to 98.1, according to the median of 25 estimates in a Bloomberg News survey. The commission’s index is based on a survey of 130,000 managers and 40,000 consumers conducted in the first two weeks of the month. (Bloomberg)

US: Home prices in US cities rose 3.8% in year to April
Home prices in 20 US cities rose in April from a year earlier as sales got a boost from a tax credit aimed at reviving the industry that triggered the worst recession since the 1930s. The S&P/Case-Shiller index of property values climbed 3.8% from April 2009, the biggest y-o-y gain since September 2006, the group said. The increase exceeded the median forecast of economists surveyed by Bloomberg News. (Bloomberg)

US: Confidence sinks on concern over jobs
Confidence among US consumers sank in June more than forecast as Americans became distressed over the outlook for jobs and incomes. The Conference Board’s confidence index slumped to 52.9 this month, below the lowest forecast of economists surveyed by Bloomberg News, from a revised 62.7 in May, figures showed. Sentiment fell most in regions affected by the oil spill. (Bloomberg)

20100630 1229 Malaysia Corporate News.

PKA wants IRB to withdraw letter on KDSB backtaxes
The Port Klang Authority (PKA) will ask the Inland Revenue Board (IRB) to withdraw the letter appointing it as the agent for collecting backtaxes due from Kuala Dimensi SB (KDSB). At the same time, a deputy minister reiterated the government’s “commitment” to honour all debt obligations on bonds issued by KDSB, the turnkey contributor of the controversial RM4.6bn Port Klang Free Zone (PKFZ) project. Deputy Transport Minister Datuk Abdul Rahim Bakri said defaulting on the debt obligations would jeopardize investor confidence in Malaysian bonds. (Financial Daily)

MPHB in property development
Multi-Purpose Holdings (MPHB) will be announcing its joint venture (JV) with a public-listed developer in the next several weeks to mark its entry into the property development sector. The group is starting from ground zero in property development as other than its two residential projects which it launched early this year in Penang, it does not derive any revenue from property development. The group has two office buildings, Menara Multi Purpose and Plaza Flamingo and two hotels under Flamingo brand as investment properties. (StarBiz)

P1 sees earlier turnaround with SK Telecom
WiMAX telecommunications company Packet One Networks (M) SB (P1), a subsidiary of Green Packet, expects to become profitable earlier following its strategic alliance with SK Telecom. Green Packet group managing director and chief executive officer C.C. Puan said the group’s initial break-even target was by the year-end but following the South Korean telco’s USD100m investment in P1, the group would be able to turn around earlier. SK Telecom’s investment will help them expand their network, advertise more and acquire customers. Puan said P1 was expecting to double its subscriber base this year from 140,000 subscribers last year. However, details of the group’s plan with SK Telecom to further their services would only be made known in a few months, he said. With the new investment, SK Telecom is now P1’s second biggest shareholder, with a 25.8% stake after Green Packet’s 57.1%. SK Telecom’s investment is the first by a foreign telco in a WiMAX operator in Malaysia. (StarBIz)

Wilmar, Elevance to build Indonesia biochemical plant
Singapore’s Wilmar International and US-based Elevance Renewable Sciences will build a refinery in Indonesia to produce biofuels and oleochemicals, the two firms said. The refinery, which is expected to be ready in 2011, will have an initial capacity of 180,000 tonnes a year, and can be expanded to produce 360,000 tonnes of biofuels and oleochemicals annually. The joint venture facility will be located within Wilmar’s upcoming manufacturing complex in Surabaya. (Financial Daily)

Naim to venture into China?
Naim Holdings has signed a memorandum of understanding with three other parties to explore the prospect of collaborating for the development of two community inter-linked smart cities. The MoU on Monday with the Miri City and two other parties in China – Guangzhou Panyu Economy and Trade Promotion Bureau of Guangzhou and Institute of Digital Guangzhou – for the development of Panyu-Miri Smart Cities (PMSC). (Financial Daily)

Kencana gets RM34m Petronas Carigali job
Kencana Petroleum has clinched a RM33.9m hook-up and commissioning job from national oil company Petroliam Nasional’s upstream unit Petronas Carigali SB. The job constituted a portion of the contract from Petronas Carigali for the provision of hook-up and commissioning service for the oil company’s facilities between 2007 and 2010. The work order is expected to contribute positively to earnings for the year ended 31 July 2011. (Financial Daily)

Petra Perdana’s placement fixed at RM1.32
Petra Perdana has fixed the price of its private placement of shares to Nam Cheong Dockyard SB at RM1.32, representing a 5% discount to the 5-day volume weighted average market price of the stock of RM1.39. Petra Perdana will raise total gross proceeds of RM39.28m from the placement. Petra Perdana has also proposed a renounceable rights issue that is slated to be concluded by year end. The rights issue is expected to raise RM60m. The corporate exercises are said to help the company raise funds to facilitate the financing of new vessels, repay borrowings and working capital. (Financial Daily) 

Haisan gets letter of demand for RM42.2m
Haisan Resources has received a letter of demand from Messrs Zul Rafique & Partners acting for CapOne and Malaysian Trustees (MTB) for a sum of RM42.2m. The sum included the principal sum (of RM40m), interest accrued and default interest from an unsecured fixed rate term loan facility, Haisan said in a filing with Bursa Malaysia yesterday. The company and its wholly-owned subsidiaries also received three letters of demand for the repayment of principal and interest in respect of the banking facilities granted by financial institutions, namely CIMB Bank, Public Bank and CapOne. Haisan said the reason for the default was because the company did not have sufficient funds to meet the principal and interest payment due. “The company has appointed a scheme adviser, UHY Diong Advisory (KL) SB, to formulate a conclusive debt restructuring proposal (DRP),” Haisan said. (StarBiz) 

20100630 1023 Soy Oil & Palm Oil News.

Soyoil futures stumbled Tuesday, retreating to 8-month lows. Speculative led selling was featured, as broad based weakness, with crude oil tumbling and building supplies amid sluggish domestic demand weighing on prices, analysts said. December soyoil settled 0.99 cent, or 2.6%, lower at 36.81 cents per pound. Speculative funds were estimated sellers of 5,000 lots in soyoil.(Source:CME)

Palm oil hits 7-mth lows on global economy
KUALA LUMPUR, June 29 (Reuters) - Malaysian crude palm oil futures slid to 7-month lows, as sentiment was hurt by a global selloff in stocks and commodities.
"There are some technical selloff as the market is a bit depressed after crude oil, soyoil and regional equities markets fell," said a trader in Kuala Lumpur.

Japan soybean imports seen up 1.5 pct in 2010-ministry
TOKYO, June 29 (Reuters) - Japan, the world's second biggest soybean buyer, is forecast to import 3.44 million tonnes of soybean in 2010, up 1.5 percent from 3.39 million a year earlier, as ample global supply is expected to keep prices relatively low.
Japan's Ministry of Agriculture also said in a report released on Tuesday that the country's soybean demand for crushing is forecast to rise to 2.53 million tonnes in 2010, up 1.8 percent from 2.485 million tonnes in 2009.

Tuesday, June 29, 2010

20100629 1818 FCPO EOD Daily Chart Study.

FCPO closed : 2366, changed : -34 points, volume : higher.
Bollinger band reading : side way downside biased.
MACD Histrogram : turned downward, seller defended well.
Support : 2350, 2330, 2300 level.
Resistant : 2370, 2400, 2450 level.
Comment :
Better volume transaction FCPO resumed downward movement to closed lower following a continue weaker soy oil and crude oil prices. Daily chart shows that seller retained control of the market pressing price to come down lower with the reading call for a side way range bound downside biased market.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.

20100629 1745 FKLI EOD Daily Chart Study.

FKLI closed : 1315.5 changed : -16.5 points, volume : higher.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : weakening, buyer closing position ahead of expiry.
Support : 1310, 1300, 1290 level.
Resistant : 1318, 1325, 1330 level.
Comment :
FKLI drop sharply following a lower regional market closing due negative sentiment intensified on the bleeding Euro zone depts situation that is getting worst. Daily chart shows that market tested the middle Bollinger band support level today and still manage to closed slightly above it with the reading suggesting a side way range bound little upside biased but the upside doesn't looks promising.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20100629 1433 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2380, changed : -20 points, volume : low.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : getting lower, seller decided to stay put.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
Overnight weaker soy oil and crude oil futures price lead FCPO to opened and traded lower in a tight 10 points range slow volume market. Hourly chart suggesting a side way range bound downside biased market for the near term testing support level.

20100629 1431 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1322 changed : -10 points, volume : moderate.
Bollinger band reading : side way range bound.
MACD Histrogram : getting lower, buyer closing position.
Support : 1318, 1310, 1300 level.
Resistant : 1325, 1330, 1337 level.
Comment :
Negative regional development sentiment spread into FKLI that traded the first session lower on moderate volume transaction. Hourly chart reading shows that market is likely to trade side way range bound testing market underlying strength.

20100629 0933 Global Market & Economic News.

Malaysia - Zeti says inflation isn't a concern
Malaysia’s central bank Governor Zeti Akhtar Aziz said inflation this year will be within the bank’s forecast range and isn’t a concern that needs to be addressed. Malaysia’s economy is gaining momentum as private consumption and investment strengthen, even as events in the US and Europe have led to “uncertainty” for growth. (Bloomberg)

Malaysia - Exports to China surge to USD19.1bn
Malaysia's exports to China in the first five months of this year rose by 82.2% to USD19.1bn (RM61.69bn) compared with the same period last year. With the implementation of the Association of South-East Asian Nations (Asean)-China Free Trade Area (ACFTA), where tariffs of over 90% of the products were cut to zero, Malaysia's trade with China was expected to continue to grow. (Business Times)

China - Surging debt may weaken growth, limit stimulus
China’s efforts to contain the risks from a surge in local-government debt may hurt growth in the world’s third-biggest economy, investment bank China International Capital Corp. said. A report by the chief auditor last week indicated officials may take “relatively forceful measures” including strictly controlling new borrowing. The effect may be to “limit the source of funding for infrastructure projects and affect future economic growth.” (Bloomberg)

China - Strauss-Kahn says yuan revaluation won't occur 'very rapidly'
The revaluation of China’s currency won’t happen quickly or fix all the global economy’s imbalances, International Monetary Fund Managing Director Dominique Strauss- Kahn said. “I do not expect that things are going to change very rapidly. It will take time for the renminbi to reach its normal market value,” he said, using another term for the yuan. (Bloomberg)

US - Two-year yield near 2010 low as G-20 vows to cut deficits
Treasury two-year yields were near the lowest level this year after Group of 20 leaders endorsed targets to cut their budget deficits. US government debt held gains from last week after the G-20 said advanced economies plan to cut their deficits in half by 2013, curbing record debt sales. (Bloomberg) 

U.S : Income gains boost spending, savings in May. Consumer purchases rose 0.2% MoM, after little change the prior month. Incomes climbed 0.4% MoM, and the savings rate increased to the highest level in eight months. (Source: Bloomberg)

Brazil : Rating outlook revised to positive by Fitch, which cited the country's "growth dynamics" and "prudent" policies. Fitch rates Brazil BBB-, the lowest investment-grade rating and in line with rankings from Standard & Poor's and Moody's Investors Service. Fitch last boosted the country's rating in May 2008, taking it up one level from BB+. (Source: Bloomberg)

Japan : Unemployment rate in May rises to 5.2% from 5.1%. The median forecast of 24 economists surveyed by Bloomberg News was for the rate to drop to 5%. (Source: Bloomberg)

Japan : Retail sales in May rise at slowest pace since January, a sign that government incentives to purchase cars and household appliances are fading. Sales advanced 2.8% YoY in May. (Source: Bloomberg)

India : Gasoline price increase may stoke inflation. India?s decision to allow fuel prices to rise may spur the inflation rate by almost a percentage point, the finance ministry said, adding pressure on the central bank to increase borrowing costs. The government on June 25 permitted gasoline prices to be market-determined for the first time since December 2003. Political parties had previously avoided loosening controls to win support from India's 828 million people who live on less than USD 2 a day. Diesel costs are regulated and will eventually be freed, the government said. (Source: Bloomberg)

New Zealand : Business confidence declined in June after the central bank raised interest rates and a sovereign-debt crisis escalated in Europe. A net 38.5% of companies surveyed expect sales and profits will increase over the next 12 months, down from 45.3% in May, according to a survey by ANZ National Bank Ltd. released in Wellington. (Source: Bloomberg)

U.S. growth trimmed on consumer, business spending
WASHINGTON, June 25 (Reuters) - U.S. economic growth was slower than previously reported in the first quarter on lower consumer spending on services, raising concerns the recovery would be too sluggish to bring down unemployment.
Gross domestic product expanded at a 2.7 percent annual rate instead of the 3 percent pace reported last month, the  Commerce Department said in its final estimate on Friday.

Equities, dollar up, G20 has little impact
LONDON, June 28 (Reuters) - World shares rose after a four-day retreat with investors still cautious about global economic recovery but shrugging off the rather neutral conclusion to a weekend G20 leaders' summit.
"There are some legitimate doubts. Government finances in most of the mature economies are really in trouble, so we have to do something about that. But it will probably pressure growth," said Luc Van Hecka, chief economist at KBC Securities.

G20 parts ways in search of lasting recovery
TORONTO, June 27 (Reuters) - World leaders agreed on Sunday to take different paths for cutting budget deficits and making their banking systems safer, a reflection of the uneven and fragile economic recovery in many countries.
In a reversal from the unity of the past three crisis-era Group of 20 summits, the leaders left room to move at their own pace and adopt "differentiated and tailored" policies.

G20 put to test by uneven recovery
TORONTO, June 27 (Reuters) - Recession made the G20 the main forum for managing the world economy last year. Now, the recovery is putting to the test the new sense of common cause that united rich and developing countries.
Meeting in Canada at the weekend, leaders from the Group of 20 struggled to maintain the solidarity they showed during the worst of the downturn last year, when they pumped trillions of dollars into the economy to prevent an even deeper slump.

20100629 0931 Malaysia Corporate News.

Malaysian Mosaics to be privatized
Main Board-listed maker and trader of mosaic and ceramic tiles Malaysian Mosaics may soon be taken private, according to sources. While details of the price or terms of a privatization exercise were not available at press time, it is worth noting that the stock is currently trading at about half of its net tangible asset value. Sources say that a privatization makes sense due as the stock is tightly held. (Financial Daily)

Sunway wins RM129m job from PML Dairies
Sunway Holdings wholly-owned unit Sunway Construction SB has won a RM129m contract from PML Dairies SB to build a dairy product factory in Klang, Selangor. “The proposed project is targeted to be fully completed on 11 July, 2011. It is expected to contribute positively to group earnings for the financial year ending 31 Dec, 2010 onwards,’’ it said. (StarBiz)

UMW denies that oil and gas division sitting on huge losses
UMW told the exchange yesterday that it viewed the RM19.23m losses incurred by its oil and gas operations in the first quarter as a “temporary setback’’. It said the group had a number of greenfield projects that it expected to “show positive results upon commencement in the second half of this year’’. The group categorically denied a report that implied that the division was sitting on huge losses which had not been accounted for and which needed provisions in the next few years. It viewed the report as “baseless allegation and irresponsible’’. (StarBiz)

Atlan : To list in Singapore via RTO. Atlan Holdings Bhd will assume control of Singapore-listed Esmart holdings Ltd in a reverse takeover  (RTO) valued at SGD285.4m (RM662.6m). Atlan would inject 2 subsidiaries, publicly listed DFZ Capital Bhd and private enterprise Darul Metro Sdn Bhd into Esmart in exchange for Esmart shares and warrants. (Source: The Edge Financial Daily)

RHB Capital : EPF to reduce stake in RHB Cap by mid-2011. The Employees Provident Fund (EPF) will pare down its stake in RHB Capital Bhd to 40% from its existing 57% share by mid-2011, said CEO Tan Sri Azlan Zainol. He said they have yet to identify potential buyers. (Source: The Star)

Media Prima : Extends offer for remaining NSTP shares. Media Prima Bhd has extended its voluntary general offer for the remaining shares of subsidiary The New Straits Times Press (Malaysia) Bhd at the same terms (offer price of RM2.40 per NSTP share). Media Prima now owns 89.6% of NSTP. Shareholders of NSTP approved the group's delisting at an extraordinary general meeting (EGM) in Kuala Lumpur yesterday, and NSTP is due to be delisted in 3Q10. (Source: Business Times)

Markets : New blueprint for corporate governance. The Securities Commission (SC) is in the midst of preparing a new blueprint with a 5-year action plan to further enhance corporate governance (CG) standards. The announcement comes in the wake of cases like Kenmark Industrial Co (M) Bhd, which is being investigated following its rapid financial decline, and Linear Corp Bhd's revelation that almost all of its cash was taken out by one director. (Source: Business Times)

Transport : PKFZ bond payments in limbo. Payments to Port Klang Free Zone (PKFZ) bondholders are in jeopardy as the Inland Revenue Board (IRB) has directed the Port Klang Authority (PKA) to remit RM328.4m that is allegedly owed by Kuala Dimensi Sdn Bhd (KDSB) in backdated taxes. (Source: The Edge Financial Daily)

20100629 0924 Soy Oil & Palm Oil News.

Soyoil futures retreated Monday, under pressure from spillover weakness from crude oil futures, a lack of fresh demand news and adjustments in the meal/oil spread relationship. December soyoil settled 0.23 cent, or 0.6%, lower at 37.80 cents per pound. Speculative funds were estimated sellers of 4,000 lots in soyoil.(Source: CME)

Palm oil reaches 1-week high, tracks crude
KUALA LUMPUR, June 28 (Reuters) - Malaysian palm oil futures rebounded to a one-week high, tracking gains in crude oil as tropical storm Alex pressured exports and production in the Gulf of Mexico.
"The palm oil market is trading in line with other oils and it is expected to be good due to better exports this month", said a trader in Kuala Lumpur.

Indonesia's May palm oil exports fall nearly 34 pct y/y
JAKARTA, June 28 (Reuters) - Indonesia's palm oil exports in May fell 33.6 percent from a year ago because of lower palm oil production, the Indonesian Palm Oil Producers Association said on Monday.
Indonesia exported 1.039 million tonnes of palm oil products in May, falling from 1.57 million tonnes in May 2009.
"Most Indonesian producers experienced a low production month in May because of the change in weather. It could be the effect of El Nino last year was only felt this year," Joko Supriyono, secretary general of the association, said.

Argentina says reaches deal with China over soyoil
BUENOS AIRES, June 25 (Reuters) - Argentina has reached an agreement with China to end the Asian nation's freeze on Argentine soyoil imports, the government said on Friday, but some traders were skeptical that the trade dispute had been resolved.
"Thanks to the talks the Argentine government has been holding with China. soyoil exports to China have been normalized," Pablo Lopez, an agriculture ministry spokesman, told Reuters.

Soggy US Midwest crop belt to turn clear next week
CHICAGO, June 25 (Reuters) - The U.S. Midwest crop belt will get a break from weeks of rain next week, giving farmers a chance to finish the tail-end of soybean planting and help fields dry out, giving water-logged crops a boost, a forecaster said Friday.
"The good news is a drier period is coming up," said Joel Burgio, agricultural meteorologist with Telvent DTN.

Monday, June 28, 2010

20100628 1820 FCPO EOD Daily Chart Study.

FCPO closed : 2400, changed : +16 points, volume : improved.
Bollinger band reading : side way downside biased.
MACD Histrogram : getting higher, buyer seller rematch.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
No much movement 22 points range FCPO tested above and closed right at the crucial resistant level with improved volume transaction. Daily chart shows that market challenged the middle Bollinger level and closed below it within side way range bound downside biased market testing market underlying strength.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.

20100628 1735 FKLI EOD Daily Chart Study.

FKLI closed : 1330 changed : +7.5 points, volume : lower.
Bollinger band reading : side way upside biased.
MACD Histrogram : weakening, buyer still defending.
Support : 1325, 1318, 1310 level.
Resistant : 1330, 1337, 1345 level.
Comment :
Closed at the high lesser volume FKLI registered positive closed after having correction of few day and seems resume its upward movement again. Daily chart reading shows that market can potentially trading further upside biased in the near term. The only concern at the moment will be the lack of volume transacted recently.
When to buy : buy at support/weakness/break up with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20100628 1514 Global Market News.

SHANGHAI, June 28 (Reuters) - Most Asian stocks rose on Monday after fears eased Washington would draft a harsh bill for regulating the banking sector and an unremarkable conclusion to a Group of 20 summit where leaders agreed to take their own paths to ensuring economic growth.
"I don't see much substance from G20," said Lin Yuhui, deputy general manager of Jinhui Futures.

20100628 1328 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1327 changed : +2 points, volume : low.
Bollinger band reading : side way range bound.
MACD Histrogram : rising slowly, battling between buyer and seller.
Support : 1325, 1318, 1310 level.
Resistant : 1330, 1337, 1345 level.
Comment :
6 points range market FKLI traded slightly firmer in slow volume as market moving side way ranging with clear direction due to roll over activities. Hourly chart reading also having an side way range bound outlook testing support and resistant level.

20100628 1312 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2402, changed : +18 points, volume : low.
Bollinger band reading : upside biased.
MACD Histrogram : continue higher, buyer present and seller retreat.
Support : 2400, 2370, 2350 level.
Resistant : 2450, 2470, 2500 level.
Comment :
FCPO recovered and ended the first session higher in tight range thin volume market following soy and crude oil futures price rebound. Hourly chart shows that market in trading upside biased with potential pullback correction taking place as the previous 2 candle bar position above upper Bollinger band.

20100628 0953 Soy Oil & Palm Oil News.

Soyoil futures inched lower, backpedaling from earlier gains. Spillover strength from crude oil futures supported prices until the evening up of positions in late dealings dropped prices into negative territory, analysts said. July soyoil settled 0.01 cent, or 0.03%, lower at 37.16 cents per pound.(Source: CME)

India Edible Oil Prices Up On Delay In Crop Sowing, Lower Imports(Source: CME)
Edible oil prices in India rose this week because of a delay in sowing of summer-sown oilseed crops in major producing regions due to poor monsoon rains and a fall in imports.
The price of crude palm oil rose to INR36,500 a metric ton Friday from INR36,400 a week earlier, while that of refined soyoil increased to INR42,200 a ton from INR41,500. The price of refined, bleached and deodorized palm olein rose to INR40,400 a ton from INR39,600.
Monsoon rains in east Madhya Pradesh were 41% below normal, while in west Madhya Pradesh, they were 75% below normal. The central Indian state of Madhya Pradesh is the largest producer of soybean, the main summer-sown oilseed crop.
"We expect sowing to pick up in coming weeks as the rains are improving," said a trader based in Indore, a large trading hub in Madhya Pradesh.
Soybean sowing in India starts in June with the onset of the monsoon.
The country's weather office, in its latest update, said central India is likely to get scattered showers in the next five days.
Lower imports in May are also supporting the prices, said another trader.
Edible oil imports in May slipped 23% from a year earlier to 539,169 tons, according to the Solvent Extractors' Association. Imports of crude palm oil declined 29% to 314,581 tons and refined, bleached and deodorized palm olein fell 61% to 56,284 tons.
The South Asian nation is the world's second-largest edible oil consumer after China and meets more than half of its requirement through imports. It imports palm oil mainly from Indonesia and Malaysia, and soyoil mostly from Brazil and Argentina.

20100628 0932 Global Economic News.

G-20 : Agrees to cut deficits once recoveries cemented. Advanced economies will aim to at least halve deficits by 2013 and stabilize their debt-to-output ratios by 2016, according to a statement released as leaders finished meeting in Toronto. The G-20 said banks need to raise capital "significantly" and countries will be allowed to phase in new rules, with a goal of meeting new standards by the end of 2012. (Source: Bloomberg)

U.S : Consumer confidence hits two-year high in June. The Thomson Reuters/University of Michigan final index of consumer sentiment increased to 76, from 73.6 in May. The index has averaged 84.5 over the past decade. (Source: Bloomberg)

U.S : Economy expands 2.7% annual rate in 1Q10, less than forecast, reflecting a smaller gain in consumer spending and a bigger trade gap. The revised figure in GDP was smaller than the median forecast of economists 3% annual rate estimate issued last month. (Source: Bloomberg)

France : Jobless claims increase as manufacturers trimmed payrolls in May. The number of unemployed actively looking for work rose by 22,600 last month, an increase of 0.8%. The total number of jobseekers was 2.7 million, the highest since May 2005. (Source: Bloomberg)

Japan : Consumer prices declined at slower pace in May, a moderation that may be insufficient to ease government pressure on the central bank to fight deflation. Prices excluding fresh food slid 1.2% YoY, easing from a 1.5% YoY decline in April, the statistics bureau said in Tokyo. (Source: Bloomberg)

China : Industrial profits jump 82% YoY in first five months, underscoring the strength of an economic comeback that is prompting officials to wind back stimulus measures. Net income rose to CNY1.54tr (USD227b) from a year earlier, the statistics bureau said on its website. Profits climbed 120% YoY in the first two months. (Source: Bloomberg)

Singapore : Industrial output unexpectedly accelerated in May. Output at factories climbed 58.6% YoY after a revised 49.7% YoY surge in April. (Source: Bloomberg)

New Zealand : Trade surplus widens in May as a seasonal increase in farm production and China's demand for logs and milk boosted exports to a record. The surplus increased to NZD814m (USD576m) from a revised NZD665m in April. (Source: Bloomberg)

20100628 0930 Malaysia Corporate New.

BCorp: Aborts Ascot stake buy. Berjaya Corp Bhd (BCorp) has aborted its proposed acquisition of a 70% stake in Ascot Sports Sdn Bhd after the Government reversed its decision to re-issue a sports betting license to Ascot. Consequently, Bcorp's proposed RM614.5m rights issue (RM1 nominal value of 8% irredeemable convertible unsecured loan stocks (ICULS) for every eight BCorp shares held) was also aborted. (Source: The Star)

Ekuinas: To invest RM3.5b in 3 funds. Ekuiti Nasional Bhd (Ekuinas), which is looking to invest in mid-sized listed firms, will be injecting RM3.5b into three separated funds and allocating RM1b for outsourced funds as it seeks new business avenues to meet its investment objectives. Its focus is on 6 sectors: education, oil and gas, fast-moving consumer goods, healthcare, retail and leisure and services. (Source: The Star)

Politics: Khalid replaced. The former private secretary to Datuk Seri Anwar Ibrahim, Mohamed Azmin Ali, Bukit Antarabangsa assemblyman, has been appointed Selangor Parti Keadilan Rakyat chief, replacing Menteri Besar Tan Sri Abdul Khalid Ibrahim, with immediate effect. (Source: New Straits Times)

QL: RM600m capex for expansion, acquisition. QL Resources Bhd is setting aside up to RM600m as capital expenditure (capex) over three years as it pursues organic expansion and positions itself for potential acquisition opportunities. 40% of the RM600m would be used to expand the group's plantation business, which involves downstream projects such as the commercialization of palm biomass as a source of renewable energy. QL's marine products and poultry farming units will be allocated 30% of the planned budget. (Source: The Edge Financial Daily)

Friday, June 25, 2010

20100625 1335 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1319 changed : -2.5 points, volume : high.
Bollinger band reading : downside biased.
MACD Histrogram : turned lower, seller return.
Support : 1318, 1310, 1300 level.
Resistant : 1325, 1330, 1337 level.
Comment :
Better range and volume transaction FKLI ended the first session lower after opened lower but recovered followed by selling pressure press price to move downward again. Hourly chart reading suggesting a further downside biased potential market.

20100625 1325 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2382, changed : -8 points, volume : low.
Bollinger band reading : side way little downside biased.
MACD Histrogram : up and down, no significant action from both buyer and seller.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
No much action FCPO traded lower in ultra low volume transaction with hourly chart having a side way range bound little downside biased reading.

20100625 1131 Global Economic News.

China: PBoC adviser sees yuan rising 3% versus US dollar
The yuan is likely to rise about 3% against the USD by the end of this year, assuming the euro holds its ground against the US currency, Li Daokui, an adviser of the central People’s Bank of China (PBoC) said. PBoC would once again let the yuan move more freely after having kept the currency more or less pegged to the dollar for 2 years to provide stability for exporters during global downturn. (Financial Daily)

Taiwan: Unexpectedly raises rate in signal of Asia’s confidence
Taiwan’s central bank unexpectedly raised its benchmark interest rate for the first time since 2008, joining Asian policy makers from China to Malaysia in signaling confidence the global recovery will withstand Europe’s debt woes. Governor Perng Fai-nan and his board increased the discount rate on 10-day loans to banks to 1.375% from a record-low 1.25%, confounding the forecasts of all 13 economists surveyed by Bloomberg News, who expected no change. (Bloomberg)

Japan: Export growth slows, signaling recovery to cool
Japan’s export growth slowed for a third month in May, signaling the pace of the economic recovery is likely to cool. Shipments abroad advanced 32.1% from a year earlier, less than April’s 40.4%, the Finance Ministry said in Tokyo. The median estimate of 19 economists surveyed by Bloomberg News was for 36.5%. (Bloomberg)

France: Jobless claims increase as companies trim workforce
The number of jobseekers in France climbed in May as manufacturers trimmed payrolls in the wake of the country’s worst recession in more than half a century. The number of unemployed actively looking for work rose by 22,600 last month, an increase of 0.8%, the Labor and Finance Ministries said. The total number of jobseekers was 2.7m, the highest since May 2005. (Bloomberg)

EU: Should ignore US stimulus call at G-20, Taylor says
Europe should ignore US calls for continued stimulus and stick to austerity plans when G-20 leaders meet this weekend because budget cuts aren’t likely to trigger a new recession, economist John B. Taylor said. US President Barack Obama is urging G-20 nations to support the global economic recovery by focusing on growth, while Germany and the UK, are focusing on reducing budget deficits, setting a course for conflict at the G-20 summit. (Bloomberg)

US: Investment picking up, claims decline
Orders for computers and machinery climbed in May, showing gains in global business investment and demand that will give the US economy a lift. Bookings for goods meant to last at least three years, excluding autos and aircraft, increased 0.9%, the third gain in the past four months, according to figures from the Commerce Department. A report from the Labor Department showed the number of claims for jobless benefits last week hovered near this year’s average. (Bloomberg)

20100625 1126 Malaysia Corporate News.

AirAsia weighs dividend payout
Budget carrier AirAsia is now ready to consider paying dividends to its shareholders, said group chief executive officer Datuk Seri Dr Tony Fernandes. No timeline has been set as its board of directors will now actively look into a possible dividend policy for the airline, which was first listed in 2004. (BT)

Tengku Ibrahim files suit against Petra Perdana
The tussle at Petra Perdana and its 29.6% unit Petra Energy was nudged up a notch with the faction led by Tengku Ibrahim Petra filing a suit to adjourn Petra Perdana’s AGM slated for 28 June, 2010. Petra Perdana said the company was served with a summons in chambers and originating summons together with copies of the affidavit in support in relation to the adjournment of the AGM until the disposal of the suit. (FinancialDaily)

A total of 17 contractors eye LRT infrastructure jobs
A total of 17 contractors are bidding for the infrastructure works in the first phase of the extension jobs of the LRT projects involving the Kelana Jaya LRT and Ampang lines. Among the big names are Sunway Construction SB, IJM Engineering SB, Muhibbah Engineering SB, Gamuda, Bina Puri, Loh & Loh, MRCB Engineering as well as JV such as WCT-Sinohydro, Ranhill-CCCC and UEM Builders-Intra Bina. The first phase extension will involve a total 16.6km. The first phase of the main construction works for the estimated RM7bn LRT extension is expected to start in November and be completed in three years. (FinancialDaily & StarBiz)

Top Glove in talks to buy small regional companies
Top Glove Corp is eyeing to acquire small regional rubber glove companies this year while focusing on setting up one or two new plants each year, said chairman Tan Sri Lim Wee-Chai. (StarBiz)

National master-plan for public transport
The Land Public Transport Commission (SPAD) will draw up a public transport master-plan in 6 to 12 months from September to ensure the holistic development of public transport in the country. The commission, which was set up early this month to regulate the land public transport sector, will fully take over as a regulatory body from September. (StarBiz)

EPIC to spend RM30m on supply base expansion
Eastern Pacific Industrial Corp (EPIC) expects to spend some RM30m to expand its supply base in Kemaman, Terengganu, to cope with rising demand for its facilities and services from oil and gas players. Its chairman Datuk Tik Mustaffa said work on Phase 2B of the project will start by September this year and should be completed within the next six months. "Upon completion, Phase 2B, which covers 11.2ha, will house warehouses, including open space storage facilities. Probably, we would be able to offer about 10 warehouses for our potential clients at the new site," he told reporters after the company's AGM in Kemaman yesterday. (BT)

EONCap adviser proposed higher takeover price of RM6.18bn
An independent financial adviser appointed by the board of EON capital has recommended a fair and reasonable takeover price of RM6.18bn, or RM8.91 per share, 22% higher than Hong Leong Bank’s offer, according to details by Primus SB on Monday, which suggests that Primus may settle for an offer, which incidentally is lower than its cost of RM9.55 per share. (FinancialDaily)

20100625 1121 Global Market News.

GLOBAL MARKETS: World stocks weighed by growth fears; gold up
NEW YORK, June 24 (Reuters) - World stock markets and high-yielding currencies dropped on Thursday as investors retreated from riskier assets, worried about tepid global growth and renewed fears in Greek debt markets.
The Federal Reserve offered a subdued assessment of the U.S. economy on Wednesday and affirmed that short-term interest rates would remain near zero for "an extended period," which pressured U.S. equities for a second consecutive day on Thursday.

Stocks down on Fed gloom; dollar recovers
LONDON, June 24 (Reuters) - Global equities and crude prices eased  on concerns over economic growth after the U.S. Federal Reserve's pessimistic outlook, though the dollar recovered from the previous session's losses.
"The negative tone on the speed and strength of the recovery from the Federal Reserve is infringing on investor's expectations and there's a sense that there will be a long period of anaemic growth," said Henk Potts, analyst at Barclays Wealth in London.

WELLINGTON, June 25 (Reuters)
Asian stocks are set to fall on Friday, as growing economic pessimism in the U.S. and re-emergence of euro zone debt worries weighed on global markets. pricorn23: Banks fell on fears the U.S. Congress would pass strict new rules on financial regulations, which would restrict their trading and investment activities. 

20100625 1118 Soy Oil & Palm Oil News.

ITS Cargo Surveyor Crude Palm Oil export up 8.9% for the period 1~25 Jun 2010

Soyoil futures stumbled near two-week lows, as a bearish up of stocks reported in the Census crush report weighed on prices. Soyoil has become an excess by product of the crush with demand from the biodiesel industry shut down, said Don Roose, president of U.S. commodities in West Des Moines, Iowa. Technical weakness helped anchor prices as well, but solid export demand limited losses. July soyoil settled 0.42 cent, or 1.1%, lower at 37.17 cents per pound.(Source: CME)

Supply, Favorable Conditions To Depress Soybean Prices(Source: CME)
Strong soybean harvests expected over the next two years may depress prices of the commodity as stocks rise, boosting supplies of soybeans and soyoil, a Rabobank International analyst said Thursday.
Strong demand from China is likely to push corn prices higher, however, and to limit any losses for soybeans and other oilseeds.
Global soybean stocks may reach 60 million metric tons in the 2009-10 crop year to September, and are likely to hit 74 million tons during 2010-11, said John Baker, Rabobank's regional head in Asia for Food and Agribusiness Research and Advisory.
Soybean prices may decline slightly to $9 a bushel in September, he said. In electronic trading, Chicago Board of Trade prices for soybeans to be delivered in July were up 5 1/2 cents at $9.635/bushel around 0930 GMT.
The expected decline in soybean prices will likely be limited, however.
Rising demand from China for soybeans and other oilseeds are expected to support global prices, as China's imports of soybeans alone may reach 50 million tons during 2010-11. The China National Grain & Oils information Centre forecasts 2009-10 imports at 47.5 million tons.
Palm oil prices, which track soyoil prices because they are rival products in many export markets, may "fall off slightly in the next few months, but I expect crude palm oil to (continue to) trade above $700/ton," Baker said.
The U.S. corn crop, the world's largest, may reach 13.5 billion bushels in 2010-11, up from 13.2 billion bushels in 2008-09, and Argentina's current corn harvest may yield 21 million tons, he said.
"Production in Brazil may reach 54.1 million tons in 2009-10, up 6.2% from the previous marketing year," he said.
Despite the large harvests, corn prices will be supported by demand from China as dry weather conditions hurt its domestic corn production.
Corn prices may "gradually trend upwards and reach $4.10/bushel in March 2011," Baker said.

Palm oil up on strong demand hopes
KUALA LUMPUR, June 24 (Reuters) - Malaysian crude palm oil futures made little headway  as players took positions ahead of export data expected to be strong, although lacklustre crude markets curbed gains.  "The market is consolidating but there is short covering ahead of the export numbers," said a trader in Kuala Lumpur.   

China's eating to sharply outpace food output-OECD
LONDON, June 24 (Reuters) - China's rate of food consumption growth is expected to be double its domestic agricultural production growth by 2019, prompting steady inports growth, a senior OECD official told Reuters on Thursday. "For China one of the major challenges is food security," said Wayne Jones, head of the agro-food trade and markets division at the the Organization for Economic Cooperation and Development.

China soy purchases slow after record June imports -CNGOIC
BEIJING, June 24 (Reuters) - Chinese soy importers have slowed bookings of new cargoes after record-high imports in June and hefty purchases already made for July, the China National Grain and Oils Information Center (CNGOIC) said on Thursday. China's June soy imports were set to hit a record of 6 million tonnes, with many ports reporting bulging inventories, the centre said.

Rains cast doubt on Canada crop stats
WINNIPEG, Manitoba, June 23 (Reuters) - The Canadian government on Wednesday estimated that farmers planted or intended to plant a record canola area and less wheat and barley this year, but Statistics Canada admitted the report may not reflect the full impact of record spring rains.  Traders and analysts view the report as inaccurate, since Statscan surveyed farmers between May 25 and June 3, prior to disastrous June rains that left Western Canada's biggest unplanted acreage in 39 years.

Thursday, June 24, 2010

20100624 1846 FCPO EOD Daily Chart Study.

FCPO closed : 2390, changed : +6 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : recovering, seller reducing position.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
Tiny 14 points range market with lesser volume traded FCPO closed the day up slightly as seller reducing exposure ahead of tomorrow export data release. Daily chart reading remained unchanged with a tight range trading downside biased outlook.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.

20100624 1838 FKLI EOD Daily Chart Study.

FKLI closed : 1321.5 changed : -10.5 points, volume : higher.
Bollinger band reading : side way correction upside biased.
MACD Histrogram : weakening, buyer reducing exposure.
Support : 1318, 1310, 1300 level.
Resistant : 1325, 1330, 1337 level.
Comment :
Second session turned negative sentiment due to weaker regional market development caused FKLI to reverse and traded lower closed near the low of the day in slightly improved volume. Daily chart reading continue to show a correction side way range bound upside biased market.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20100624 1442 Latest Malaysia Corporate News.

KUALA LUMPUR, June 24 (Reuters) - A slate of Malaysian companies are planning to tap the stock market for funds later this year but uncertainty about the debt crisis in the euro zone may cast a shadow over the outlook for the IPOs.
Following are some major IPOs that have been announced:
 
  • State oil firm Petronas has hired Deutsche Bank,  CIMB and Morgan Stanley as book-runners to advise on a planned $2 billion listing of its petrochemical business. The listing will likely take place in the fourth quarter of this year depending on market conditions. 
  • Property developer Sunway City Bhd is planning the listing of a real estate investment trust (REIT) mid-July. The REIT, with a fund size of 2.78 billion units, will raise around $500 million and is set to become Malaysia's largest when it is listed. 
  • Malaysia's long-haul budget carrier AirAsia X plans to launch an initial public offering in the second half of 2011 to tap public funds for growth, the company said. Asia's biggest budget airline by fleet size, AirAsia, owns 16 percent of AirAsia X. 
  • Shipping firm MISC has hired Credit Suisse and Maybank for the initial public offering of its heavy engineering unit, said IFR, a Thomson Reuters service. The proposed IPO of Malaysia Marine Heavy Engineering will raise over $300 million.
  • Bumi Armada, an offshore oil services company controlled by Malaysian billionaire Ananda Krishnan, is planning an IPO that was earlier estimated at $450 million in size but could be larger following a reorganisation, according to IFR.

20100624 1418 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1335 changed : +3 points, volume : low.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : rising gradually, buyer holding on.
Support : 1330, 1325, 1318 level.
Resistant : 1337, 1345, 1350 level.
Comment :
Upward movement momentum continues in FKLI that traded firmer in slow volume changed hand. Hourly chart outlook suggesting a side way range bound little upside biased reading.

20100624 1405 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2390, changed : +6 points, volume : low.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : continue rising, seller continue to take profit.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
Directionless tight 13 points range FCPO traded slightly higher in thin trading volume as seller partial profit taking activities continue to take place. Hourly chart reading showing a side way range bound downside biased market.

20100624 1006 Global Economic News.

Malaysia: No FX intervention after yuan policy
Bank Negara Malaysia’s governor said yesterday she did not expect to intervene in foreign exchange markets following China’s announcement of a more flexible policy on the yuan. China said over the weekend it would allow its currency greater flexibility, strengthening Malaysia’s ringgit versus the dollar, but governor Tan Sri Dr Zeti Akhtar Aziz said that Malaysia would stick to its exchange rate policy and saw limited impact in Asia. (Financial Daily)

Australia: Rudd resigns as PM, Gillard takes post
Australian Prime Minister Kevin Rudd resigned as Labor Party leader and was replaced by his former deputy Julia Gillard before a general election due to be held in the next 10 months. Rudd stood down amid signs he would be replaced by Gillard, 48, party spokesman Michael Forshaw said. Welsh-born Gillard took the leadership and needs to be sworn in as prime minister by Governor-General Quentin Bryce. Rudd’s term of two years and seven months is the shortest for an Australian leader since 1971; Welsh-born Gillard becomes the country’s first female prime minister. Treasurer Wayne Swan was elected Gillard’s deputy after abandoning Rudd, a schoolmate from Queensland. Swan will continue to serve as Australia’s treasurer, Sky News said. (Bloomberg)

UK: Banks find liabilities levy better than expected
Chancellor of the Exchequer George Osborne said lenders need to share the pain of tax increases as he announced a levy on lenders’ balance sheets. Investors and analysts say banks have dodged a bullet. Osborne told lawmakers the tax will raise GBP2bn (USD3bn) a year. The 0.07% levy on wholesale liabilities is less than half the 0.15% rate being considered by the US government. (Bloomberg)

G20: Needs ‘Growth-friendly’ budget cuts
Group of 20 nations need to cut their budgets without sacrificing the global economic recovery, South African Finance Minister Pravin Gordhan said. Spending cuts and tax increases should be “growth friendly,” Gordhan told reporters in the capital, Pretoria, ahead of his trip with President Jacob Zuma to attend the G-20 meeting in Toronto on 26-27 June. US President Barack Obama is pushing G-20 nations to do more to bolster the global economic recovery, while European governments, such as Germany and France, are focusing on slashing budget deficits, setting a course for conflict at the summit. G-20 leaders are also expected to discuss proposals for a global bank levy and a tax on securities transactions to clamp down on financial speculation. (Bloomberg)

EU: Soros says Germany ‘is the main protagonist’ in euro’s crisis
Germany “is the main protagonist” in the euro’s crisis and risks inflicting deflation on the European Union because of its insistence on budget austerity, billionaire investor George Soros said. “As the strongest and most creditworthy country it is in the driver’s seat,” Soros said in a speech at Humboldt University in Berlin. “As a result Germany objectively determines the financial and macroeconomic policies of the euro zone without being subjectively aware of it. When all the member countries try to be like Germany, they are bound to send the euro zone into a deflationary spiral.” (Bloomberg)

E.U : Manufacturing, services expansion slowed in June, adding to signs the region's recovery is cooling as the sovereign debt crisis clouds the growth outlook. A composite index based on a survey of euro-area purchasing managers in both industries fell to 56 from 56.4 in May, London-based Markit Economics said in a report. (Source: Bloomberg)

US: Fed keeps rate pledge, says markets ‘Less supportive’
Federal Reserve officials retained a pledge to keep the benchmark interest rate at a record low for an “extended period” and signaled that Europe’s debt crisis may harm American growth. “Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad,” the Fed’s Open Market Committee said in a statement in Washington. Central bankers cited slowing inflation and said the recovery is “proceeding,” altering April language that the economy has “continued to strengthen,” while reaffirming they foresee a “moderate” pace of growth. (Bloomberg)

U.S : Sales of new homes plunged in May to record low after a tax credit expired, showing the market remains dependent on government support. Sales collapsed an unprecedented 33% MoM from April to an annual pace of 300,000. Demand in prior months was revised down. (Source: Bloomberg)

France : Business confidence dropped in June on concern that Europe's sovereign-debt crisis will prompt banks to reduce lending and governments to trim spending. The index of sentiment among factory executives declined to 95 from 97 in May. (Source: Bloomberg)

Iceland : Central bank cut the benchmark interest rate by half a point after international lenders said the island's efforts to rebuild its financial system were on track, supporting the krona as bailout flows resumed. The bank also cut the deposit rate to 6.5% from 7%. (Source: Bloomberg)

Singapore : Inflation holds at 14-month high in May as the island's economic rebound boosted food, housing and car prices. The consumer price index climbed 3.2% YoY, Singapore's Department of Statistics said in a statement. (Source: Bloomberg)

Philippines : Plans to increase spending, revenue to boost growth. The government raised its 2010 spending budget for public works, salaries and debt payments to a record PHP 1.62tr (USD 35b) from a previous forecast of PHP 1.58tr. Revenue, including gains from the sale and lease of assets, may climb to PHP1.32tr compared with an earlier estimate of PHP 1.28tr. (Source: Bloomberg)

20100624 1004 Malaysia Corporate News.

Malaysia listed as China’s QDII destination
The ample investment fund in China can now flow into Malaysian capital markets as the country has been approved as an investment destination under the republic’s Qualified Domestic Institutional Investor (QDII). Malaysia is the 11th member of a small group of approved investment destinations which comprises Australia, Canada, Hong Kong, Germany, Japan, Luxembourg, Singapore, South Korea, the UK and the US. Chinese investors are typically not allowed to invest outside the country due to strict capital controls. The QDII scheme exempts certain funds, approved by Chinese regulators, to do so via portfolio investments. The amount than can be invested offshore is governed by a quota system. (Financial Daily)

PNB plans detailed study on Kg Baru
Permodalan Nasional (PNB) will carry out a detailed study on the proposed mixed development in Kampung Baru, Kuala Lumpur, to gauge if it will get competitive returns from the project. "The study will take time (but) we need to be careful before we decide on this project. The outcome will depend on the study," said president and group chief executive Tan Sri Hamad Kama Piah Che Othman yesterday. An earlier report had indicated that the Government had agreed to appoint PNB as the master developer for Kampung Baru, while government-linked companies Lembaga Tabung Haji and Permodalan Hartanah, had also been asked to come onboard. (BT)

P1, SK Telecom in alliance talks
Green Packet said its subsidiary, Packet One Networks (M) SB (P1), is in advanced negotiations with SK Telecom for a strategic alliance, which may include an acquisition of an equity stake in P1. “The company will make the announcement once a definitive agreement is entered into between P1 and SK Telecom,” Green Packet told Bursa yesterday. The company was responding to a news article in a Chinese daily that SK Telecom is expected to sign an agreement in June to acquire a 25.8% equity in P1. (BT)

Fajr Capital to invest in Bank Islam Brunei
Fajr Capital Ltd, the Islamic investment firm in which Khazanah Nasional has a 25% stake is buying into Bank Islam Brunei Darussalam (BIBD) in one of its first significant investments since its inception last year. It is understood that Fajr Capital is now awaiting key approvals, including from Brunei Sultan’s office, to conclude the deal estimated to be worth USD200m (RM 674.3m).The move marks the beginning of Fajr Capital’s investment plans after raising funds, including the USD150m for a 25% stake Khazanah announced in October 2009, after having raised USD588m in its first round of funding from its shareholders. (Malaysian Reserve)

Konsortium Logistik keen on Pos Malaysia
Konsortium Logistik, which is on an expansion mode this year, has expressed its interest to bid for Khazanah Nasional’s 32.2% stake in Pos Malaysia. Executive director Che Azizuddin Che Ismail said Pos Malaysia could provide speed due to its widespread logistics network with more than 692 post offices, over 355 mini post offices and more than 223 independent postal agents nationwide. “We are interested to acquire the stake. Whatever can bring profit to the company we will get involved and we will add value because at the end of the day that is what shareholders look at,” he said after the company AGM yesterday. (StarBiz)

Linear slips into PN17 status
Troubled Linear Corp Bhd, a manufacturer of cooling systems which is under investigation by stock exchange regulators, has entered into Practice Note 17 (PN17). The company came into prominence recently after revealing that its RM1.67bil King Dome project awarded by Seychelles-based Global Investment Group Inc late last year had not seen any significant progress towards execution of the contract while adding that there was no documentary evidence to demonstrate the overall viability of the project. The company told Bursa Malaysia that it was now an “affected listed issuer” pursuant to the PN17 of the Main Market listing requirements and was unable to provide a solvency declaration to Bursa Securities. (StarBiz)

KNM: order backlog may swell to RM3b.
According to MD Lee Swee Eng, KNM Group Bhd has hinted that its order backlog will swell to more than RM3b this year from RM2.1b currently. He has also said that he would not rule out the possibility of another privatization exercise in the future. (Source: Business Times)

Maybank: To convert PT Bank Maybank to syariah banking.
Malayan Banking Bhd (Maybank) is proposing to convert the banking operations of its 96.8%-owned subsidiary, PT Bank Maybank Indocorp, to syariah banking and also to reduce the Indonesian subsidiary's share capital. The proposal was subject to Bank Indonesia's approval. The Bank said in line with the proposed conversion, a capital reduction exercise would be undertaken to reduce PT Bank Maybank's share capital to RM300.7m from RM346.8m. (Source: The Star)

Salcon: Eyes energy ops.
Water engineering group Salcon Bhd plans to venture into building hydroelectric, biomass and solar power plants within next year to expand and boost earnings. It has seven 30-year water concessions in China and one in Vietnam. According to Director Eddy Leong Kok Wah, Salcon is also planning to venture into new markets such as India, Indonesia and Bangladesh, where there is an urgency to build water and waste water treatment plants. (Source: Business Times)

MISIF: Steel consumption may grow 5%.
Malaysian Iron and Steel Industry Federation (MISIF) president Chow Chong Long said domestic steel usage is projected to grow at only 5 per cent to 7.5 million tonnes this year compared with 7.1 million tonnes last year, lower than an earlier forecast of 8-10 per cent growth. (Source: Business Times)

20100624 0945 Global Market News.

GLOBAL MARKETS: Dollar off on Fed view as stocks dip, bonds rise
NEW YORK, June 23 (Reuters) - The dollar weakened across the board while Treasuries rallied on Wednesday after the U.S. Federal Reserve acknowledged a faltering economic recovery and data showed sales of new U.S. homes fell to a lifetime low.
"There's no rate hike expected for the foreseeable future - at least not until the end of the year, if not 2011," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York. "The longer the Fed keeps kicking the can down the road, the less positive this is for the U.S. dollar outlook."  

World stocks retreat on growth fears
LONDON, June 23 (Reuters) - European and Asian stocks fell  as fears about the global economic recovery dominated investors thinking and renewed concerns over Europe's banking system undermined flows into risky assets.
"(The Fed) may downgrade its view of the US economy ... citing the latest disappointing employment data, renewed weakness in the housing sector and recent turmoil in Europe," said Nick Stamenkovic, rate strategist at RIA Capital Markets.

20100624 0942 Soy Oil & Palm Oil News.

Soyoil futures garnered pressure from weakness in soybeans and spillover pressure from crude oil. Crude oil influences soyoil due to its use in making renewable fuels. July soyoil settled 0.34 cent, or 0.9%, lower at 37.59 cents per pound. Speculative funds were estimated sellers of 3,000 lots in soyoil. July soymeal ended $1.40, or 0.5%, lower at $289.30 per short ton. Speculative funds were estimated sellers of 1,000 lots in soymeal.(Source: CME)

Indonesia To Maintain CPO Export Tax At 4.5% In July
Indonesia will maintain its export tax on crude palm oil at 4.5% in July, the Ministry of Trade said Wednesday. The base price for CPO in July has been lowered to $732 a metric ton from $754/ton in June, it said.(Source: CME)

Asian CPO Output To Rise In 2H, Bearish For Prices-Analyst
Crude palm oil production in Indonesia and Malaysia may rise further in the second half of the year, pushing inventory to a level where it could start weighing on prices, a Netherlands-based analyst at Rabobank International said in an interview. 
"Prices are definitely vulnerable to further declines given high volatility in the market now. The global economic (outlook is still) uncertain. On the production front, yields will increase in the second half of the year... depressing prices," said Chan Wei Siang, analyst at Rabobank International's Food & Agribusiness Research and Advisory.
Malaysia and Indonesia together account for 80% of the palm oil produced globally. Southeast Asia's total palm oil stocks are likely to be around 3.6 million tons now as output in June would have risen significantly, traders in Malaysia and Indonesia estimated. Unofficial projections put current Indonesian stocks around 2 million tons. Malaysia's official June estimates will be released in the second week of July.
According to market participants, output in Malaysia would have risen some 15% in June while in Indonesia the gain was as much as 20% on month. But it may not all be bad news for producers. "Though output will increase in the second half, (overall) growth in CPO output will likely be muted in 2010 due to the residual effect of El-Nino," Chan said. Even though the El-Nino has officially ended, its impact can last six to ten months as oil palm trees continue to remain under stress caused by dry weather during the El-Nino months.
Total CPO production in 2010 may rise by only 3% or 500,000 tons to 18.1 million tons in Malaysia, while Indonesia's output could rise by 7% or 1.5 million tons to 22.4 million tons, he said.
The record high South American soybean harvest this year has already reduced soyoil prices, narrowing the price gap with the lower-priced palm oil. In some cases, palm oil is even trading at a slight premium to soyoil.
"The narrow price differential has made soyoil very competitive (in international markets) with more buyers making the switch from palm," Chan said.
Palm oil traditionally trades at a discount of more than $100/ton to soyoil, but that has narrowed to the point where palm olein now trades in a range that is just $20 above or below soyoil.(Source: CME)

Degraded land rules key to Indonesia climate goal
SINGAPORE, June 23 (Reuters) - Indonesia needs to quickly settle rules for deciding what is degraded land and spell out how much is available to palm oil and timber firms in order to strengthen investment certainty, an environmental expert says.
Such a move would also boost a $1-billion climate deal signed last month by Indonesia and Norway.

Indonesia lowers July CPO, cocoa base export prices
JAKARTA, June 23 (Reuters) - Indonesia will keep its July export taxes for crude palm oil and cocoa beans unchanged from June levels, but will lower base export prices, the trade ministry said on Wednesday.
The crude palm oil export tax will stay at 4.5 percent in July while the cocoa export tax will remain at 10 percent, the ministry said in a statement.

Wednesday, June 23, 2010

Invitation : Derivatives Night With Interactive Futures Sdn Bhd. 6.45 ~ 9.00pm 23 Jun 2010 Bursa Malaysia Auditorium.

20100623 1805 FCPO EOD Daily Chart Study.

FCPO closed : 2384, changed : +7 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
Better volume tight 22 points range FCPO traded marginally higher with daily chart reading continue to show a downside biased market outlook.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant/strength/break down with larger cut loss and profit target.

20100623 1740 FKLI EOD Daily Chart Study.

FKLI closed : 1331.5 changed : +2 points, volume : higher slightly.
Bollinger band reading : side way correction upside biased.
MACD Histrogram : weakening, buyer profit taking continue.
Support : 1330, 1325, 1318 level.
Resistant : 1337, 1345, 1350 level.
Comment :
Roller coaster FKLI opened and traded lower followed by second session buying activities lifted price to closed near the high up slightly in thin trading volume. Daily chart shows that correction side way range bound market still taking place within a upside biased market.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20100623 1505 Global Market News.

Asia stocks fall, US data fuels recovery fear
SINGAPORE, June 23 (Reuters) - Asian stocks slid on Wednesday as an unexpected fall in U.S. home sales added to worries about the fragility of the global economic recovery and optimism over China's promise to make the yuan more flexible faded further.
"At this stage, I don't think there will be a double dip, but this sluggish growth will last, with little bumps along the way," she said.

20100623 1315 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1324 changed : -6 points, volume : low.
Bollinger band reading : side way downside biased.
MACD Histrogram : reversed upward, buyer taking profit continue.
Support : 1318, 1310, 1300 level.
Resistant : 1325, 1330, 1337 level.
Comment :
7 points range FKLI continue to trade weaker in light volume transaction after the Dow overnight negative closed. Hourly chart reading turned into side way downside biased reading after tested and succesfully penetrated 2 support levels.

20100623 1247 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2381, changed : +4 points, volume : low.
Bollinger band reading : downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
Another quiet day for FCPO that traded in low volume tight range market recorded slightly gain in price.
Hourly chart shows that market resumed its downwards movement after having 2 candles of correction with a downside biased market reading.

20100623 1114 Global Market News.

GLOBAL MARKETS: US stocks slip on oil ruling, Europe hit by banksNEW YORK, June 22 (Reuters) - Uncertainty over Washington's ban on deepwater oil drilling, coupled with weak May U.S. housing data, sank stocks and lifted Treasuries, while a high-profile credit downgrade rattled Europe's banks.
"The notion that the regulatory environment is changing, coordinated with a tougher economic outlook for consumption, would suggest (energy) stocks stay under pressure," said Joe Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania.

World stocks break 10-day rally

LONDON, June 22 (Reuters) - World stocks fell for the first time in two weeks  as investors took some profits on a cooler assessment of China's weekend decision to give its currency more flexibility.
"People gave much more weight to the currency move than it deserved," said Koen De Leus, economist at KBC Securities.

20100623 1057 Global Economic News.

Taiwan - Unemployment rate fell to 17-month low in May
Taiwan’s jobless rate fell in May to the lowest level in 17 months as stronger international demand prompted manufacturers and retailers to hire. The seasonally adjusted rate declined to 5.22% last month from 5.43% in April, the statistics bureau said in Taipei. (Bloomberg)


US - Sales of existing homes fall as end of tax credit looms
Sales of US previously owned homes unexpectedly fell in May as demand began to slip even before a government tax credit expires. Purchases of existing houses, which are tabulated when a contract closes, decreased 2.2% to a 5.66 million annual rate. (Bloomberg)

US - Inflation expectations signal no hurry for Fed to raise rates
A decline in expectations for future inflation in the US signals that Federal Reserve policy makers should be in no hurry to raise rates as they meet to set borrowing costs. Investors anticipate an inflation rate of 1.69% in the next five years, compared with 2.01% on 28 April, when policy makers concluded their last meeting on monetary policy. (Bloomberg)

EU - June consumer confidence holds near nine-month low
European consumer confidence remained near the lowest in nine months in June as rising unemployment and a fiscal crisis clouded the growth outlook. An index of consumer sentiment in the 16-nation euro region rose to minus 17.3 from minus 17.8 in May, the Brussels-based European Commission said. The May reading was the lowest since September 2009. (Bloomberg)

China - Yuan gain may alter global growth more than velocity
China’s shift toward a stronger exchange rate may alter the shape of the world economy’s expansion more than its speed, economists said. Chinese consumers might buy more as the rising yuan boosts their purchasing power, while their counterparts in the US cut back on their spending as the cost of goods imported into America rises. The shift will add 0.1 percentage point to global growth this year and next, leaving the rate at about 4%., (Bloomberg)

20100623 1049 Malaysia Corporate News.

Axiata to sell RM4.2bn sukuk to refinance debt
Axiata Group, which owns Malaysia’s second biggest mobile phone operator, plans to sell as much as RM4.2bn of Islamic bonds or sukuks at the end of the July to refinance debt, CFO Datuk Yusof Annuar Yaacob said. The company’s long-term debt was about RM11.2bn at the end of March, according to data compiled by Bloomberg. It last sold notes in April, raising USD300m (RM965.1m) in its first dollar bond sale. Axiata plans RM3.6bn in capital expenditure this year to grow its international network, Yusof Annuar told reporters in KL yesterday. This includes RM1bn for its domestic operations under Celcom (Malaysia) Bhd, USD500m for its Indonesian unit PT XL Axiata and USD100m each for its arms in Bangladesh and Sri Lanka. (Malaysian Reserve)

Primus seeks damages of RM1.1bn
Primus (Malaysia) SB is seeking damages to the tune of RM1.12bn, or a sum set by the court for EON Capital, from the current board of directors of EON Capital save for Ng Wing Fai, should the sale of assets and liabilities of EON Cap be passed at an upcoming EGM. In a statement released by EON Cap to the exchange yesterday, the company said it had received the petition by Primus, which states that the private equity firm believes the above value represents the ‘undervalue’ amount and wants to claim it from the board of directors. (Malaysian Reserve)

Tussle at Petra Perdana heats up
The tussle for control of oil and gas outfit Petra Perdana Bhd (PPB) is heating up with the company rejecting the nomination of four individuals to the company’s board at its upcoming AGM on 28 June. The nominations were made by parties aligned to Tengku Ibrahim Petra Tengku Indra Petra, who is at loggerheads with PPB’s board led managing director Shamsul Saad and executive director Datuk Henry Kho Poh Eng. In a statement yesterday, PPB’s board said it had made the decision after seeking legal counsel and was advised that the nominations had not been made in accordance with the law. (Financial Daily)

BJLand JV aborts USD200m themed village project in Korea
Berjaya Land Bhd (BLand) has aborted its proposed USD200m (RM640m) joint venture (JV) project, an international themed village, on a 586,040 sq metre (about 145 acres) parcel of freehold land in the Jeju Special Self Government Province in South Korea. In a statement yesterday, BLand said it and the Jeju Free International City Development Centre (JDC) had mutually agreed that their conditional MoA on 28 Aug 2008 involving the development of the “themed village project” had lapsed. (Financial Daily)

M’sia and S’pore to reduce Second Link toll rate by 30%
Malaysia and Singapore have agreed to reduce their respective toll charges at the Second Link by 30% effective 1 Aug. The consensus was reached after a meeting between PM Datuk Seri Najib and his Singapore counterpart Lee Hsien Loong. The Second Link refers to the bridge that spans the stretch between Singapore and Malaysia where it extends a total of 47km from Tanjong Kupang to Senai in Johor, a twin-deck bridge supporting a dual three lane carriage way linking Tanjung Kupang in Johor and Tuas in Singapore. (Financial Daily)

KFCH proposes 1-for-1 bonus issue
KFC Holdings (M) Bhd (KFCH) has proposed a one-for-one bonus issue of up to 396.5m new shares to improve liquidity and reward investors. It has also proposed a share split of one RM1 share into two shares. This will be followed by a free warrants issue of 31.7m warrants on the basis of one free warrant for 25 existing KFCH shares. The bonus issue is expected to help improve the liquidity and marketability of KFCH shares, it told Bursa Malaysia yesterday. (BT)

20100623 1034 Soy Oil & Palm Oil News,

Soyoil futures stumbled, inching down on meal/oil spreading and spillover weakness from crude oil futures. Crude oil influences soyoil due to its use in making renewable fuels. July soyoil settled 0.12 cents, or 0.3%, lower at 37.93 cents per pound.(Source: CME)

Palm down as yuan rise may not boost commodity demand
KUALA LUMPUR, June 22 (Reuters) - Malaysian crude palm oil futures ended 1.2 percent lower , in line with other vegetable oil markets, on expectations the Chinese yuan's appreciation may not translate into higher commodity demand.
"There are some technical corrections (in palm oil) from the highest point yesterday, mostly driven by crude oil and soyoil on CBOT (Chicago Board of Trade)," said a trader in Kuala Lumpur.

Brazil 09/10 soy sales reach 66 pct crop - Celeres
SAO PAULO, June 21 (Reuters) - With all of Brazil's estimated record 68.2-million-tonne 2009/10 crop harvested, producers were focused on sales which stand at 66 percent of the crop by June 18, up from 64 percent the week prior, analysts Celeres said on Monday.
Sales of the new crop were still behind the 73 percent sold of the previous crop last year by this time, Celeres said.

Tuesday, June 22, 2010

Interactive Futures Sdn Bhd Soft Opening & Promotion Event.


NEXTVIEW DERIVATIVES NIGHT

Get ahead of others and strategize your trades and investment by getting first hand information on how the 10th Malaysia Plan moves the market and where Malaysian market is heading forward with NextVIEW Chief Market Strategist – Benny Lee and Interactive Futures! Using advanced trading tools and backed by many years of real life trading experience, Benny Lee will definitely give you a heads-up and insights to the FBM KLCI and CPO that you are trading in 2010.

This sophisticated event will bring you hordes of networking opportunities with experienced traders and the best deals in town by Interactive Futures.

* FREE NextVIEW Advisor to attendees. Features:

  • Real-time streaming data and Dow Jones news
  • Market depth, market watch and queue track
  • Technical charts that show Tick, intra-day, daily, weekly and monthly charts
  • Over 50 technical indicators
  • Portfolio management
  • Historical market data for more than 15 years
  • Real-time news alerts send via SMS and email
  • Access through PDA or mobile phone. And many more…
* Limited units available. Terms & conditions applies.

Date : 22 June 2010 (Tue)
Venue : Auditorium, Menara Hap Seng, Jalan P.Ramlee, KL(Near by Shangri La Hotel)
Program:
06:30pm : Registration with pre dinner cocktail
07:00pm : Opening speech by Interactive Futures
07:05pm : “Market Review on 10th Malaysia Plan” by Benny Lee
07:30pm : Dinner with heart-tempting prizes to be won
09:30pm : End
Click here to register for the event !


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20100622 1809 FCPO EOD Daily Chart Study.

FCPO closed : 2377, changed : -28 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : reversed lower, seller insisted to stay.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
After correction FCPO continue its cruise heading south again ended the day lower in reduced volume traded. Daily chart reading turned into a downside biased market after having some upward corrections.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant/strength/break down with larger cut loss and profit target.