20100907 1828 FCPO EOD Daily Chart Study.

FCPO closed : 2628, changed : +8 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : recovering, buyer in advantage marginally.
Support : 2620, 2600, 2570 level.
Resistant : 2650, 2670, 2700 level.
Comment :
FCPO registered marginal gain in improving volume transaction after traded range bound tested lower support level and recovered. Daily chart wise, the reading still suggesting a side way range bound market development testing higher resistant 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.

20100907 1813 FKLI EOD Daily Chart Study.

FKLI closed : 1433.5, changed : -4 points, volume : lower.
Bollinger band reading : correction upside biased.
MACD Histrogram : weakening, buyer taking profit.
Support : 1425, 1405, 1395 level.
Resistant : 1445, 1458, 1470 level.
Comment :
5.5 points tight range market FKLI eased lower in lesser volume participation after regional markets having mixed development. Daily chart formed the second small body doji bar candle having correction range bound upside biased market reading.
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.

20100907 1520 FKLI Mid Day Hourly Chart Study.

FKLI last looked : 1437.5, changed : unchanged, volume : low.
Bollinger band reading : side way range bound.
MACD Histrogram : recovering, buyer defending.
Support : 1425, 1405, 1395 level.
Resistant : 1445, 1458, 1470 level.
Comment :
Another boring tight 5 points range quiet market FKLI traded side way range bound struggling to determine which direction to go.  Hourly chart having a side way range bound market reading perhaps due to the fact that now is just 3 days away from the Hari Raya Aidilfitri holidays.

20100907 1457 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2620, changed : unchanged, volume : average.
Bollinger band reading : range bound upside biased.
MACD Histrogram : weakening, buyer taking partial profit.
Support : 2620, 2600, 2570 level.
Resistant : 2650, 2670, 2700 level.
Comment :
17 points tight range market FCPO ended first session unchanged in moderate volume transaction as buyer seems to lock in profit after yesterday surged. Hourly chart wise, price opened and traded range bound consolidating within upside biased market.

20100907 1049 FCPO EOD Daily Chart Study. (06 Sep 2010)

FCPO closed : 2620, changed : +50 points, volume : higher.
Bollinger band reading : side way range bound.
MACD Histrogram : recovering, buyer temporary in advantage.
Support : 2600, 2570, 2550 level.
Resistant : 2620, 2650, 2670 level.
Comment :
FCPO climbed higher with improved volume changed hand as market sentiment turned positive due to stronger demand from China plus a weaker US Dollar. Daily chart shows market continue to test higher resistant level in a consolidating side way range bound market development.
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.

20100907 1012 Local & Global Economic News.

China: Property bonds rebounded from their worst first half in two years as a record USD6.8b in offshore debt sales spurs confidence the borrowers have the resources to weather a slowing economy. All but one of the eight dollar bonds sold between January and June have recovered at least 75% of their losses, according to prices from BNP Paribas SA, ING Groep NV, Nomura Holdings Inc. and Royal Bank of Scotland Group Plc. (Source: Bloomberg)

Australia: Construction contracted for third month in August for a third straight month, a sign the central bank's six interest rate increases between October and May are eroding demand for new dwellings. The index was little changed at 43.2 points from 43.3 in July, according to a survey by the Australian Industry Group and Housing Industry Association released in Sydney. A reading below 50 shows the industry is contracting. (Source: Bloomberg) 

Malaysia: Ringgit climbs to 13-year high
Malaysia's Ringgit climbed to the strongest level in 13 years as better-than-expected growth in US employment brightened the outlook for exports to the world's biggest economy. The currency strengthened for a fourth day and benchmark stock indexes rose across Asia after a US government report showed private payrolls increased 67,000 in August, more than the 40,000 forecast in a survey of economists. Malaysia's trade ministry last week reported a 13.5% gain in July exports, an eighth straight advance. (BT)

NZ: Economy facing hit from major earthquake impact
New Zealand's prime minister warned that the country's economic recovery will be hurt by the weekend's powerful 7.1-magnitude earthquake that smashed buildings and wrecked roads and rail lines in the city of Christchurch. "There will be considerable disruption to the (regional) and national economy in the short term," but activity should pick up as reconstruction gains momentum, Prime Minister John Key said. The country's economy has now recorded two quarters of minor growth after struggling to escape 18 months of recession. (StarBiz)

EU: To defend its clout at IMF as US seeks overhaul
European finance ministers this week will try to protect their clout at the International Monetary Fund after the US unexpectedly forced a debate on which countries sit on the institution’s board of directors. With the meeting in Brussels, European officials are under pressure to reduce the number of their seats to give emerging economies more voice. They’re rushing to respond to a US decision last month to block a proposal to maintain the IMF board in its current 24-seat form. (Bloomberg)

UK: Manufacturing expands at record rate, EEF says
UK factory production grew at a record pace in the third quarter on surging export demand, the Engineering Employers Federation said. The number of manufacturers saying sales rose in the three months through September exceeded those reporting declines by 33%, compared with 30% in the second quarter, the EEF said in a quarterly survey released in London. That’s the highest since the report began in 1995. A gauge of exports also rose to a record high. (Bloomberg)

US: Obama proposes USD50bn plan to fix roads, railways, runways President Barack Obama proposed spending at least USD50bn to rehabilitate the nation’s transportation infrastructure to help spur an economy that’s lost jobs for three straight months. At a Labor Day rally in Milwaukee two months before midterm congressional elections, Obama called for a six-year program to fix roads, railways and runways, and to modernize the air- traffic control system. The funds would be included in a transportation authorization bill that’s stalled in Congress. (Bloomberg)

20100907 1011 Malaysia Corporate News.

Autos: Naza aims to locally assemble Chevrolets. Automotive group Naza, which is in talks with US giant General Motors (GM) to produce Chevrolet cars in Malaysia, aims to sell between 35,000 and 45,000 units by 2015. Naza is already engaged in early talks with GM on plans to assemble or even set up a manufacturing plant in Malaysia, group joint executive chairman and CEO Datuk SM Faisal SM Nasimuddin said. (Source: Business Times)

External reserves: Increased slightly in August. External reserves increased slightly in the second half of August 10 to RM311.3b (USD95.2b) as at 30 August 10 from RM310.8b (USD95.1b) on 13 August 10. The latest reserve amount is equivalent to 7.8 months of retained imports and 4.3 times short-term external debt. (Source: Bank Negara)

MAS: Ex-chairman Tajudin counterclaims RM500m from MAS. Former Malaysia Airlines (MAS) chairman Tan Sri Tajudin Ramli has served a statement of defence and counterclaim on MAS, seeking among others, damages of RM500m for defamation. According to MAS, Tajudin had alleged that he had been defamed by the actions of MAS, among others, in making a report against him to the Malaysian Anti-Corruption Commission (MACC). (Source: The Star)

Property: KLCC plans new RM2b properties. Cesar Pelli, the architect of the Petronas Twin Towers, will once again be casting his magic on the 100-acre KLCC site in a new development that is estimated to cost about RM2b. In this development on Lot 185 and Lot 167/K, he will be designing 2 additional towers of between 50 and 70 storeys next to Twin Towers. The two blocks, an office tower and a hotel will sit on a 4 storey podium retail block that will be integrated with the present 4 storey retail mall, Suria KLCC. This development would be undertaken by KLCC (Holdings) Sdn Bhd in a 50:50 joint venture with the Qatari Investment Authority. (Source: The Star)

UEM Group: Wins legal battle against former business partner Genisys. The UEM Group has won the legal battle against its former business partner Genisys Integrated Engineers Pte Ltd (GIE) after the Federal Court ruled in favour of the group yesterday. The Federal Court had reinstated the High Court's decision, which allowed UEM Group to wind-up the JV company, and instructed GIE to bear the legal costs dating back some 10 years ago. (Source: The Star)

Westports: On course for RM900m turnover. Westports Malaysia expects to chalk up revenue of close to RM900mil this year, driven by brisk business activities due to an improved global economic scenario. Westports expects to achieve a total container throughput of 5.4m TEUs (twenty-foot equivalent units) this year, which is about 30% higher than 2009. For the first six months of this year, he said the port had achieved over 2.6mTEUs. Westports is also embarking on a massive land reclamation project at its port premises, to build an additional two-km berth.The company is also looking at immediately building another 300m berth and a corresponding yard. (Source: The Star) 

TM disposes of entire 15.4% Measat stake for RM252m
Telkom Malaysia (TM) yesterday announced it had accepted Measat Global Network Systems SB’s (MGNS) offer to acquire TM’s 60.02m shares in Measat Global for a total of RM252.1m. TM, the second largest share holder in Measat, held a 15.39% stake in Measat. Measat’s largest shareholder is MGNS, which is owned by tycoon T Ananda Krishnan, with a 59.56% stake. With acceptance from TM, MGNS would be holding about 75% of Measat and clears any doubts on the privatization of the satellite services provider. (Financial Daily)

Court orders Primus to release documents to respondents in RM1.12bn suit
The High Court here yesterday ordered Primus (M) SB to release certain documents sought by respondents in its RM1.12bn suit against the board members and certain shareholders of EON Capital (EONCap). Judicial Commissioner Varghese George Varughese, who sits at the new commercial courts here, made the order in chambers yesterday. According to a counsel in the case, Primus is required to provide the documents by 17 Sept, ahead of the hearing which is scheduled from 20 to 28 Sept. (Financial Daily)

Miti approves Kulim’s disposal of entire 91% stake in NatOleo
The Ministry of International Trade and Industry (MITI) approved Kulim (Malaysia) Bhd’s proposal to dispose of its entire 91.38% stake in Natural Oleo-chemicals SB to PGEO Group SB, a subsidiary of Singapore listed Wilmar International Ltd, for RM450m. In a Bursa filing yesterday, Kulim said Miti had also approved the abolishment of equity conditions imposed on NatOleo’s manufacturing licence. However, the application from NatOleo subsidiaries for a waiver of equity conditions pursuant to the proposed disposal is still pending Miti approval. (Financial Daily)

Court rules in favour of UEM in case against Genisys
UEM Group has won its appeal to set aside a court decision in ordering the government-linked company to buy out all 49% of shares of its joint venture company (JVC), with its Singapore partner involving RM81m. Justice Datuk Seri Md Raus Shariff, leading a three-man Federal Court panel, ruled that the Court of Appeal was in error when it ordered the buyout of the shares held by Genisys Integrated Engineers Pte Ltd (GIE) in order to avoid a deadlock. (Malaysian Reserve)

KLCC plans new RM2bn properties
Cesar Pelli, the architect of the Petronas Twin Towers, will once again be casting his magic on the 100-acre Kuala Lumpur City Centre (KLCC) site in a new development that is estimated to cost about RM2bn. Pelli is also involved in the design and architecture of retail and office block Lot C, to be completed next October. The 60- storey Lot C will be seamlessly integrated into the retail block of Suria KLCC, next to Mandarin Oriental. Hotel. (StarBiz)

K-Star proposes share split
K-STAR Sports Ltd has proposed to undertake a share split involving the sub-division of one existing share into three. In a statement to Bursa Malaysia in Kuala Lumpur yesterday, K-Star said following the exercise, its enlarged share capital will increase to 266.400m subdivided shares from 88.800m shares at present. It said there would not be a suspension in the trading of the shares on the exchange for the purpose of implementing the proposed share split. K-Star said the exercise is expected to enhance the liquidity and the marketability of the shares on the Main Market of Bursa Securities and would indirectly encourage a wider spread of public shareholders. (BT)

2010907 0943 Global Market News.

Asia stocks near 1-mth high; euro dips
SINGAPORE, Sept 7 (Reuters) - Asian stocks hovered near one-month highs as investors awaited Chinese data, while the euro took a hit after a newspaper report rekindled fears about the weakness of European banks.
"Concerns about euro zone banks have been growing again, hitting investor sentiment that had improved a little after better-than-expected U.S. jobs data last week," said Tsutomu Soma, senior manager of the foreign securities department at Okasan Securities.

GLOBAL MARKETS: Growth hopes boost equities; Wall St closed
LONDON, Sept 6 (Reuters) - World stocks rose on Monday on hopes the U.S. economy can avoid slipping back into recession, although the International Monetary Fund's chief economist warned of weak growth in both the United States and Europe.
With U.S. markets closed for the Labour Day holiday, Friday's encouraging news about the employment picture continued to spill over into trading on Monday.
"After a string of disappointing numbers, the data last week provided an element of stability and helped increase risk appetite," said Henk Potts, equity strategist at Barclays Wealth.

U.S. jobs data lift equities; Wall St closed
LONDON, Sept 6 (Reuters) - Encouraging news about the U.S. employment picture continued to spill over onto financial markets , lifting world stocks on hopes that a slip back into recession could be avoided.
"After a string of disappointing numbers, the data last week provided an element of stability and helped increase risk appetite," said Henk Potts, equity strategist at Barclays Wealth.

U.S. payrolls data offer ray of hope for recovery
WASHINGTON, Sept 3 (Reuters) - U.S. employment fell for a third straight month in August, but the drop was far less than expected and private hiring was a positive surprise, relieving concerns about a stalling economic recovery.
Nonfarm payrolls fell 54,000 as jobs were lost in the government sector, and the unemployment rate edged back up to 9.6 percent, but the private sector, considered a better gauge of labour market health, added 67,000 jobs, according to the U.S. Labor Department on Friday.

ANALYSIS-Obama running out of options to aid housing market
WASHINGTON, Sept 3 (Reuters) - A further downturn in the battered U.S. housing market has put the Obama administration in a tough spot with few tools to stem foreclosures ahead of congressional elections in which Democrats face big losses.
The administration has a $50 billion war chest to fight foreclosures, yet only around $200 million has been disbursed in a program narrowly tailored to help responsible borrowers.

20100907 0942 Soy Oil & Palm Oil Related News.

Palm oil rises to 3-week top on China demand
KUALA LUMPUR, Sept 6 (Reuters) - Malaysian crude palm oil futures hit three-week highs  as investors took up positions ahead of the long holidays, spurred by talk of strong Chinese demand for vegetable oils.
"Trading volumes were high today," said a trader with a Singapore-based foreign brokerage.

China 2010/2011 soy imports may hit fresh record -trade
BEIJING, Sept 6 (Reuters) - China, the world's largest soy buyer, is on track for record soybean import bookings in 2010/2011 (Sept/Aug) after the current year's estimated 52 million tonnes, also a record, due to the rapid expansion of its domestic crushing industry, a senior trader said.
"We think it is possible that China's imports in 2010/2011 may reach 55 million tonnes," Frank Zhou, a soy trading manager with Cargill Investment (China) Ltd, told JCI conference over the weekend.