Wednesday, November 11, 2009

20091111 1826 FCPO EOD Daily Chart Study.

Crude palm oil futures traded in thin volume today by closing 8 points lower at 2234 despite stronger crude oil and soy oil futures price with a weaker US dollar. However, price still remained above the middle Bollinger band = market sentiment remain biased to the upside. Bollinger band width narrowing at a slower pace = market will likely to trade side way range bound. MACD Histrogram continue to lower = could be partial long position covering happen today. Overall, market has yet to turn negative with immediate support rest at middle Bollinger band level. 
When to buy : buy at support/weakness/break out with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20091111 1734 FKLI EOD Daily Chart Study.

Forming a doji bar candle with lower volume traded today, FKLI closed 3.5 points higher at 1275.5 doing premium toward the cash market. Price still traded above the middle Bollinger band with the band width getting wider = market bullish sentiment to continue with further upside potential. MACD Histrogram stay higher above the zero line = buyer still patrolling in the market. At last looked, both Dow Jones futures and major European market also trading high. Hang Seng futures closed at a 37 points premium compare to its cash market. 
When to buy : buy at support/weakness/break out with larger cut loss and profit target.
When to sell : sell to lock in profit and not advisable to initiate short postion.

20091111 1640 DJIA EOD Daily Chart Study.

The Dow advanced marginally higher to closed at 10246.97 up 20.03 points forming a doji bar candle right at the upper Bollinger band with the band width continue to expande = the uptrend is still intact. MACD Histrogram also continue to edge up higher = buyer still role the market. Overall, the Dow market sentiment remained bullish with the next immediate target at 10500 level.

20091111 1455 FKLI Mid Day Hourly Chart Study.

FKLI gap up in the morning but the upward momentum failed to sustained with selling pressure came in to lock in profit pushed it lower to closed at 1271.5. Chart wise, few hourly chart doji bar candles hovering around the mid Bollinger band with the band width narrowly slowly = market are likely to stay side way range bound. MACD Histrogram also dropping slowly = evidence of seller taking profit. Overall, market is in a consolidating side way market.

20091111 1241 FCPO Mid Day Hourly Chart Study.

Low volume traded this morning on FCPO that closed 9 points lower at 2233 due to lack of buying interest and increasing stock pile news from MPOB. Hourly chart wise doesn't looks promising as price closed below the middle Bollinger band with the band width expanding = market has turned into selling mood. MACD Histrogram also continue to slide lower = seller is in control of the market today. Immediate support stands at 2215 level.

20091111 1052 Local Corporate News.

MRCB: Invests RM21m in Australian property firm. Bitar Enterprises Sdn Bhd, a wholly-owned subsidiary is buying 70% of Yes 88 Pty Ltd for AUD6.57m (RM20.7m). The estimated gross development value of the proposed development is AUD55m , including two four story-buildings with basement car parking residential dwellings and student accommodation. (Source: Malaysian Reserve) 

Maxis: Fixes share price at RM4.75. Maxis's share price has been fixed at RM4.75 to retail investors and RM5 to institutional investors, according to a press released by Maxis Communications Bhd (MCB). (Source: Malaysian Reserve) 

F&N: To launch 50 new F&B products after Jan 2010. F&N intends to launch 50 new food and beverage products within the next two years. Upon expiry of the Coca-Cola agreement after Jan 2010, the company will focus on its own products, especially for the dairies and soft drinks division. (Source: Bernama)

Green Packet: Proposes private placement of 84m new shares. Green Packet has proposed a private placement of up to 84.8m new shares of 20 sen each in the company to partly fund the group‟s deployment of its WiMax network and services. (Source: Malaysian Reserve)
Construction: Sector to grow by 3.5% in 2009. The construction sector is expected to grow by 3.5% in 2009 despite the current global financial crisis, said Second Finance Minister Datuk Ahmad Husni Hanadzlah. (Source: Bernama)

Crest Builders: Bags RM145m contract. Crest Builders Sdn Bhd, a wholly-owned subsidiary, has been awarded a contract by Khoo Joo Saik worth RM145.3m for the construction of super structure works of a 35 storey office tower in Jalan Ampang, Kuala Lumpur. (Source: Malaysian Reserve)

20091111 0926 Malaysia Economic News

Economic news - Tenth Malaysia Plan (2011-15): Towards a high-income economy.
The Economic Planning Unit (EPU) yesterday conducted a briefing on the Tenth Malaysia Plan (10MP) to captains of industries. The 10MP essentially sets a platform for Malaysia to achieve developed nation status by 2020. The plan will engage more effective as well as sustainable public-private sector partnerships to drive the economic development plans. The government will provide RM15bn under the private finance initiative (PFI) facilitation fund, to generate more private investment projects. The 10MP plans a real GDP growth target of 5.5% p.a. for 2011-2015. Reflecting the gradual downsizing of the public sector, private investment growth will increase by 10.5% p.a., outpacing that of public investment (0.7% p.a.) in 10MP. The policymakers are fully aware of the constraints and promised in the 2010 Budget to dismantle any barriers to re-energising private investment including policies, rules, regulations and procedures.