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)

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)