20100618 1858 FCPO Weekly Chart Study.

Weekly Close: 2400, High: 2420, Low: 2367, Range: 53points
FCPO closed : 2400, changed : +14 points, volume : lower.
Bollinger band reading : downside biased.
MACD Histrogram : continue lower, seller defending well.
Support : 2350, 2300, 2240 level.
Resistant : 2400, 2450, 2500 level.
Comment :
Tighter range lesser volume FCPO ended the week marginally higher after last week slightly double top break down closed right at the crucial resistant level. Weekly chart wise, outlook still having a downside biased market development reading and perhaps trader will have to wait for more confirmation as market seems like
in the middle of a cross road carrying the possibility of rebound upward or continue to head south.

20100618 1844 FCPO EOD Daily Chart Study.

FCPO closed : 2400, changed : +2 points, volume : lower.
Bollinger band reading : range bound downside biased.
MACD Histrogram : recovering, seller continue to take profit.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
Continue correction FCPO traded 2 tick higher in thinner volume closed at resistant level after tested higher but failed to sustained the upward momentum. Daily chart still recorded a side way range bound downside biased market reading with a potential MACD histrogram positive divergence.
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.

20100618 1825 FKLI Weekly Chart Study.

Weekly Close: 1318.5, High: 1320, Low: 1369.5.
FKLI closed : 1318.5 changed : +21.5 points, volume : lower.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : reversed upward, buyer returned for a match.
Support : 1310, 1300, 1270 level.
Resistant : 1335, 1350, 1360 level.
Comment :
50.5 points range market with decreasing volume FKLI closed higher week on week possibly due to 2nd quarter window dressing activities. Weekly chart shows that market is trading side way range bound as the Bollinger band width continue to turn inwards. On the outlook wise, the reading suggesting a side way range bound upside biased market.

20100618 1759 FKLI EOD Daily Chart Study.

FKLI closed : 1318.5 changed : +5.5 points, volume : higher.
Bollinger band reading : upside biased.
MACD Histrogram : rising higher, buyer in charge.
Support : 1318, 1310, 1300 level.
Resistant : 1325, 1330, 1337 level
Comment :
Buyer seems taking advantage of the quiet thin trading market pushed FKLI price to higher level closing at near day and weekly high above resistant level. Daily chart outlook improved to a upside biased potential reading testing higher resistant level but the only problem behind the scene will the lack of volume traded.
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.

20100618 1616 Global Market News.

Asia stocks higher, euro holds near 3-wk high
SEOUL, June 18 (Reuters) - Most Asian stocks rose, encouraged by a late rebound on Wall Street, while the euro hovered near 3-week highs against the dollar after a strong investor response to Spanish bond auctions.
"While the immediate euro zone worries about Spanish debt have diminished, as with Greece there's a sense that the real solution to the problems has only been postponed, and this will provoke some uncertainty," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities in Japan.

20100618 1333 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1315.5 changed : +2.5 points, volume : low.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 1310, 1300, 1290 level.
Resistant : 1318, 1325, 1330 level
Comment :
FKLI upward movement continue today tested higher level resistant level followed by profit taking activities press price to closed off the high registered a minor gain in less volume changed hand. Hourly chart outlook suggesting a side way range bound little upside biased market reading that is having correction currently after tested the higher level.

20100618 1321 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2403, changed : +5 points, volume : low.
Bollinger band reading : range bound downside biased.
MACD Histrogram : reversed upward, seller lock in profit.
Support : 2370, 2350, 2330 level.
Resistant : 2400, 2450, 2470 level.
Comment :
Low season volume transaction FCPO continue to climb little higher tested and stay above crucial resistant level for the first half session. Downward trend line broken hourly chart turned from a downside biased market into a side way range bound market reading with the second last long upper shadow candle bar shows that selling pressure appear as market try to test higher ground in decreasing volume traded.

20100618 1228 Global Economic News.

EU - Stress tests face questions over stringency, government help
The European Union’s decision to publish the results of stress tests on the region’s lenders was welcomed by shareholders seeking more transparency. The studies will be done “institution by institution,” French President Nicolas Sarkozy told reporters at an EU summit in Brussels. German Chancellor Angela Merkel said it was important to give “maximum transparency.” Asked how the governments would react if the tests revealed shortcomings, she said the EU has “taken precautions,” including a EUR750bn (USD928bn) financial backstop. (Bloomberg)

EU - To push levies on banks, financial-transaction tax at G-20
European Union leaders vowed to push for global taxes on banks and financial transactions, setting the stage for a conflict over worldwide regulation at next week’s Group of 20 meeting. With Germany, Britain and France pledging to impose levies on their own banks and to clamp down on financial speculation, the EU called for global taxes that have run into opposition from G-20 powers such as China. (Bloomberg)

EU - European construction drops, led by Spain, Portugal
European construction output decreased in April, led by declines in Spain and Portugal. Construction in the 16-nation euro region dropped 0.3% from March, the European Union’s statistics office in Luxembourg said. Construction in Spain fell 4.9% in April from the previous month, report showed. Portugal’s output declined 3.7%, while construction in Germany, Europe’s largest economy, increased 2.6% in April. (Bloomberg)

US - Consumer prices in US fell for second month in May
The cost of living in the US dropped in May for a second month, signaling the world’s largest economy is recovering without causing prices to flare. The 0.2% decline in the CPI was the biggest since December 2008 and followed April’s 0.1% decrease, figures from the Labor Department showed in Washington. Excluding food and fuel, the so-called core rate increased 0.1%. (Bloomberg)

US - Recovery creates few jobs, no inflation
The world’s largest economy will keep expanding in the second half of the year without stoking inflation or generating many jobs, reinforcing the Federal Reserve’s low-interest-rate policy, reports showed. The index of leading indicators, a gauge of the outlook for growth over the next three to six months, climbed 0.4% in May, according to data from the New York-based Conference Board. (Bloomberg)

20100618 1227 Malaysia Corporate News.

5 more foreign commercial banks
In a media statement yesterday, Bank Negara Malaysia (BNM) announced that it would issue commercial banking licences to five wholly owned subsidiaries of the banking institutions - one each from France, the UAE, Indonesia and two from Japan, The banks are BNP Paribas of France, Mizuho Corporate Bank of Japan, National Bank of Abu Dhabi, UAE, PT Bank Mandiri (Persero) of Indonesia and Sumitomo Mitsui Banking Corporation of Japan. (Financial Daily)

Ekuinas to buy 20% of Tanjung for RM1.30 per share
Ekuiti Nasional (Ekuinas), the government-linked private equity fund manager, is entering Tanjung Offshore as a strategic investor with an impending acquisition of a 20% in the O&G provider for a total of RM73.45m cash, or RM1.30 per share. Via a private placement, Ekuinas’ wholly owned subsidiary, E-Cap (Internal) One SB, is proposing to subscribe for 26m new Tanjung shares representing about 10% of Tanjung’s paid-up capital at RM1.30 per share. Concurrent with the proposed placement, E-Cap yesterday signed a conditional sale and purchase agreement with a group of Tanjung shareholders for the proposed acquisition of a total of 30.5m existing shares in Tanjung held by the shareholders, also at RM1.30 per share. (Financial Daily)

Tengku Ibrahim to resign from Petra Energy, say sources
More board changes are in store at Petra Energy (PEB). Tengku Ibrahim Petra Tengku Indra Petra, the executive chairman, and Robert Lee Mee Jiong, an executive director, are relinquishing their positions on the board of the company, sources say. This comes on the back of the resignations of Suhaimi Badrul Jamil, a non-independent non-executive director yesterday and Gerawat Gala, an independent non-executive, on Tuesday. Another independent non-executive director, Siew Boon Yeong had resigned at end-May. (Financial Daily)

AP Land-HELP JV to start China campus in October
Asia Pacific Land (AP Land) and HELP International Corp , which have set up a joint-venture (JV) company to look into potential education opportunities, expect to begin operating a new campus in Changshu, China, by October. The 20,000-sq-ft campus is part of the first phase of AP Land’s commercial project that was being developed there, said joint managing director Low Gee Teong. Low said the campus would focus on vocational training, especially within the automotive sector, and English for specific purposes. AP Land executive director Woon Siew Choo said the campus would be able to leverage on the fact that Japanese automaker Toyota would be setting up a factory just next to the development. HELP president and co-founder Datuk Dr Paul Chan said the campus was targeting about 500 students within its first year of operations and was looking to offer “more courses”. Low said phase one of the projects was expected to be completed by August this year and the second phase within two years. Both phases would have a gross development value of 500m renminbi. (StarBiz)

Alliance Bank Malaysia appoints Group CEO
Alliance Bank Malaysia said it appointed Sng Seow Wah as its new group chief executive officer and the company received today the approval of the appointment from the Bank Negara Malaysia. Sng, who has more than 24 years of experience as a banker, was the head of human resources, special projects and corporate communications at Fullerton Financial Holdings (International) Pte before his appointment to Alliance, the Malaysian bank said in a statement to the Kuala Lumpur exchange. Sng was also a former executive vice president at OCBC Bank in Singapore, and has worked with Citibank Singapore, Westpac Banking Corp. and Banque Nationale De Paris, Alliance said. (Bloomberg)

20100618 1139 Global Market News.

GLOBAL MARKETS: Late rally lifts US shares, euro up on debt sales
NEW YORK, June 17 (Reuters) - U.S. stocks rose in a late rally on Thursday, overcoming weak economic data that added to worries about a fragile recovery, while European shares and the euro gained on reassuring demand for Spanish government bonds.
"I don't think that the buyers are willing to give up on the market just yet, we still have quite a bit of momentum," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.

Stocks, euro turn higher after Spanish auction
LONDON, June 17 (Reuters) - World stocks hit a one-month high  and the euro rose broadly after Spanish bond issues drew strong demand, easing concerns over the country's public finances.
"The strong demand for Spanish bonds should help restore confidence," said Ciaran O'Hagan, strategist at Societe Generale.

20100618 1137 Soy Oil & Palm Oil News.

Soyoil futures ended lower, consolidating after a four-day bounce. Spillover weakness from crude oil, a lack of any surprises in weekly export sales and lingering disappointment over the U.S. Senate's failure to re-enact the biodiesel blender's tax credit weighed on prices, analysts said. July soyoil settled 0.21 cents or 0.8% lower at 38.05 cents per pound. Speculative funds were estimated sellers of 2,000 lots in soyoil. Fund activity is a measure of investment money flow in the market(Source: CME).

Palm oil rebounds from 7-mth lows on technicals, crude
KUALA LUMPUR, June 17 (Reuters) - Malaysian palm oil futures gained 0.8 percent  on technical buying as crude oil prices bounced off lows as investor risk appetite revived following a successful Spanish bond auction.
"Generally we are still concerned about the euro zone debt crisis," said a trader in Kuala Lumpur.

Canada Canola group sees longer China import ban
WINNIPEG, Manitoba, June 16 (Reuters) - China is unlikely to lift its restrictions on Canadian canola imports within the next year, the top official with the Canola Council of Canada said on Wednesday.
China banned imports of Canadian canola seed with the fungal disease blackleg last November, but later said that canola could enter certain ports until Aug. 1, 2010, the end of the Canadian crop year. Canada said on Monday that China had extended those limited shipping conditions for another year.