Monday, September 13, 2010
20100913 1838 FCPO EOD Daily Chart Study.
Bollinger band reading : side way range bound little upside biased market.
MACD Histrogram : rising, buyer still in control.
Support : 2670, 250, 2620 level.
Resistant : 2700, 2720, 2750 level.
Comment :
Higher soy oil and crude oil futures prices due to a weaker US Dollar lead FCPO to opened and traded higher in moderate improved volume transaction. Daily chart formed a doji up bar candle tested support and resistant level with the reading suggesting a side way range bound little upside biased market 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.
20100913 1826 FKLI EOD Daily Chart Study.
Bollinger band reading : upside biased.
MACD Histrogram : turned rising again, buyer defended well.
Support : 1458, 1445, 1425 level.
Resistant : 1470, 1500, 1530 level.
Comment :
FKLI rallied up recorded huge gained today in improved volume transaction as regional market also having positive development spurted buyer to stayed in the market for a longer time frame. Daily chart formed a wide range up bar candle touching and closed near the upper Bollinger band level. Outlook wise, market resume a upside biased reading after nearly a week of correction range bound market.
When to buy : buy at support/weakness/break up with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20100913 1448 Global Market News.
China: August new lending rebounds, exceeds forecasts
New lending in China rebounded in August and expansion of the money supply unexpectedly accelerated, reflecting strong demand for credit. Banks extended RMB545.2bn (USD80bn) of new local-currency loans last month compared with RMB532.8bn in July, the People’s Bank of China said on its website. That was the first acceleration in four months and compared with the median forecast of RMB500bn. M2, the broadest measure of money supply, grew 19.2% from a year earlier, the first pickup in nine months. (Bloomberg)
China: Output tops forecast as ‘robust’ demand aids world growth
China’s industrial output rose at a faster pace in August than analysts estimated, signaling the world’s thirdbiggest economy is maintaining momentum as growth moderates. Production gained 13.9% from a year earlier, more than the 13% median estimate of 29 economists, a statistics bureau report showed. Consumer prices jumped 3.5%, the most in 22 months, as food costs climbed. Retail sales increased 18.4%. (Bloomberg)
UK: Inflation probably slowed to 3% in August, economists say
UK inflation probably slowed to the government’s 3% upper limit in August for the first time in six months, economists say. Consumer prices increased 3% from a year earlier, compared with 3.1% in July, according to the median forecast of 30 economists in a Bloomberg News survey. The Office for National Statistics will publish the data in London on 14 Sept. (Bloomberg)
US: Wholesale inventories rose more than forecast
Inventories at US wholesalers rose in July by the most in two years as a rebound in demand prompted companies to add to stockpiles. The 1.3% increase in the value of inventories was three times the median estimate in a Bloomberg News survey and followed a 0.3% gain the prior month, Commerce Department figures showed. Sales at distributors climbed 0.6%, the most since April, after falling 0.5%. (Bloomberg)
US: Obama names Goolsbee to lead White House economy panel
President Barack Obama said he’s appointing Austan Goolsbee to lead the Council of Economic Advisers, calling him “one of the finest economists in the country.” Goolsbee has been a member of Obama’s team of advisers since the presidential campaign. Goolsbee replaces Christina Romer, who is leaving her post to return to teaching at the University of California at Berkeley. (Bloomberg)
US: Retail sales probably climbed in August
Retail sales in the US probably increased in August for a second month as merchants lured shoppers with discounts, a sign the economy will keep expanding, economists said before reports this week. A projected 0.3% gain in sales is based on the median estimate of 63 economists surveyed before the Commerce Department’s 14 Sept report and follows a 0.4% rise in July. (Bloomberg)
New lending in China rebounded in August and expansion of the money supply unexpectedly accelerated, reflecting strong demand for credit. Banks extended RMB545.2bn (USD80bn) of new local-currency loans last month compared with RMB532.8bn in July, the People’s Bank of China said on its website. That was the first acceleration in four months and compared with the median forecast of RMB500bn. M2, the broadest measure of money supply, grew 19.2% from a year earlier, the first pickup in nine months. (Bloomberg)
China: Output tops forecast as ‘robust’ demand aids world growth
China’s industrial output rose at a faster pace in August than analysts estimated, signaling the world’s thirdbiggest economy is maintaining momentum as growth moderates. Production gained 13.9% from a year earlier, more than the 13% median estimate of 29 economists, a statistics bureau report showed. Consumer prices jumped 3.5%, the most in 22 months, as food costs climbed. Retail sales increased 18.4%. (Bloomberg)
UK: Inflation probably slowed to 3% in August, economists say
UK inflation probably slowed to the government’s 3% upper limit in August for the first time in six months, economists say. Consumer prices increased 3% from a year earlier, compared with 3.1% in July, according to the median forecast of 30 economists in a Bloomberg News survey. The Office for National Statistics will publish the data in London on 14 Sept. (Bloomberg)
US: Wholesale inventories rose more than forecast
Inventories at US wholesalers rose in July by the most in two years as a rebound in demand prompted companies to add to stockpiles. The 1.3% increase in the value of inventories was three times the median estimate in a Bloomberg News survey and followed a 0.3% gain the prior month, Commerce Department figures showed. Sales at distributors climbed 0.6%, the most since April, after falling 0.5%. (Bloomberg)
US: Obama names Goolsbee to lead White House economy panel
President Barack Obama said he’s appointing Austan Goolsbee to lead the Council of Economic Advisers, calling him “one of the finest economists in the country.” Goolsbee has been a member of Obama’s team of advisers since the presidential campaign. Goolsbee replaces Christina Romer, who is leaving her post to return to teaching at the University of California at Berkeley. (Bloomberg)
US: Retail sales probably climbed in August
Retail sales in the US probably increased in August for a second month as merchants lured shoppers with discounts, a sign the economy will keep expanding, economists said before reports this week. A projected 0.3% gain in sales is based on the median estimate of 63 economists surveyed before the Commerce Department’s 14 Sept report and follows a 0.4% rise in July. (Bloomberg)
20100913 1447 Malaysia Corporate News.
Petronas sells 5% of GLNG project to Total
Petroliam Nasional Bhd (Petronas) has entered into an agreement to sell a 5% stake in the Gladstone Liquefied Natural Gas (GLNG) project in Australia to Total, the Australian Associated Press (AAP) reported. Total is the world’s fourth largest listed natural gas producer. At the same time, Santos Ltd, Australia’s third-largest oil and gas producer, stated it would sell a 15% stake in the GLNG project to Total for AUD650m. Upon completion of the transactions, Santos will retain a 45% ownership, Petronas 35% and Total 20%. Santos said the GLNG transaction was the first major investment by Total in an LNG project using unconventional gas anywhere in the world. (StarBiz)
Tanjong gaming arm for sale?
Usaha Tegas Sdn Bhd (UT) is finalising plans to sell the gaming business of Tanjong plc, post the latter’s privatisation, according to investment banking sources. “It is only a question of time. UT is now busy finalising the funding of Tanjong’s privatisation. But once that is settled, gaming will be hived off as the focus is on the power business,” said one banker familiar with the plans. To recap, in late July, a consortium comprising tycoon T. Ananda Krishnan’s private vehicle UT and unnamed parties acting in concert, which together own 47% of Tanjong, made an offer to buy out the firm at RM21.80 a share in cash. The takeover has yet to be concluded, with Tanjong recently extending the closing date for acceptances of the offer to 27 Sept. Meanwhile, it had been reported that around 70% of the acquisition price tag of RM4.7bn to privatise Tanjong would come from the debt market, with a ringgit financing been given priority over USD, although a portion of the deal was still expected to be funded offshore. Bankers also pointed out that after the hiving off of Tanjong’s gaming business, Ananda was likely to relist Powertek Bhd, the power business of the Tanjong group. However, contrary to speculation, Ananda was unlikely to list his oil and gas support services company, Bumi Armada Bhd, anytime soon, sources said. (StarBiz)
Carrefour cuts rivals from bidding for its stores
French retail giant Carrefour has taken rivals Tesco and Japan's Aeon out of the bidding for its Southeast Asian stores, the Wall Street Journal reported yesterday. Carrefour, the world's second-largest retailer after Wal-Mart, hopes to raise USD1bn (RM3bn) from the sale of its assets in Singapore, Thailand and Malaysia, the Journal said citing "people familiar with the matter". Several companies have gone through to the next round of bidding, set for November, including France's Casino Guichard-Perrachon and Thai-owned firms Big C Supercenter PC, Central Group, Berli Jucker and PTT, according to the report. Carrefour chief executive officer Lars Olofsson said in May that he would consider offers for its assets in markets where it was not first or second, the Journal said, raising the prospect of an auction of its stores in the growing region. It cut several companies from the bidding process because they had put in low prices, the Journal reported. (BT)
Loh & Loh joint venture wins RM828m TNB project
Loh & Loh Corp Bhd said a 60:40 joint venture between its subsidiary Loh & Loh Constructions SB and Sinohydro Corp Ltd has received a letter of acceptance from Tenaga Nasional Bhd for the Hulu Terengganu Hydroelectric Project Lot CW2 – Main Civil and Associated Works worth RM828.3m. “The commencement date of the project shall be within 130 days after receipt of the letter of acceptance by the contractor. The period for completion of the project is 1,674 days from the commencement date,” it said in a filing with Bursa Malaysia yesterday. Sinohydro is a well-known Chinese hydropower construction group with operations in 50 countries. It is a state-owned enterprise. (StarBiz)
Splash: Downgrade does not mean default on bonds
With Selangor water players having their debt issuance downgraded by rating agencies recently, Syarikat Pengeluar Air Sungai Selangor SB (Splash) has clarified that the downgrade does not constitute a default on the company’s bonds. The water concessionaire also stressed that the bonds were non recourse to shareholders and maintained the company does not need any new borrowings for its operations. A Splash spokesman said in a statement last Thursday that the downgrade had “severe negative impact” on bondholders and that the damage to investor sentiment could be irreparable. (Financial Daily)
Mah Sing proposes to issue RM325m bonds
Mah Sing Group Bhd has proposed an issuance of up to RM325m nominal value of seven-year redeemable convertible secured bonds and increase in the authorised share capital of the company to RM1bn comprising 2bn shares. In a filing with Bursa Malaysia, Mah Sing said the issue price of the bonds would be determined later and the bonds would be issued on a “bought deal” basis. “The proposed bonds issue will raise gross proceeds of up to RM325m.The gross proceeds will be utilised for land acquisitions, working capital purposes as well as to defray estimated expenses arising from the bonds issue,” it said. (StarBiz)
SP Setia unit buys land in Johor for RM169m
In announcement on Thursday, SP Setia announced that it would be acquiring 259.1 acres of freehold land within the Tebrau Corridor in South Johor, Malaysia, from a private developer called Kelana Ventures SB. The acquisition is expected to be completed in late 2011. (Bursa)
Petroliam Nasional Bhd (Petronas) has entered into an agreement to sell a 5% stake in the Gladstone Liquefied Natural Gas (GLNG) project in Australia to Total, the Australian Associated Press (AAP) reported. Total is the world’s fourth largest listed natural gas producer. At the same time, Santos Ltd, Australia’s third-largest oil and gas producer, stated it would sell a 15% stake in the GLNG project to Total for AUD650m. Upon completion of the transactions, Santos will retain a 45% ownership, Petronas 35% and Total 20%. Santos said the GLNG transaction was the first major investment by Total in an LNG project using unconventional gas anywhere in the world. (StarBiz)
Tanjong gaming arm for sale?
Usaha Tegas Sdn Bhd (UT) is finalising plans to sell the gaming business of Tanjong plc, post the latter’s privatisation, according to investment banking sources. “It is only a question of time. UT is now busy finalising the funding of Tanjong’s privatisation. But once that is settled, gaming will be hived off as the focus is on the power business,” said one banker familiar with the plans. To recap, in late July, a consortium comprising tycoon T. Ananda Krishnan’s private vehicle UT and unnamed parties acting in concert, which together own 47% of Tanjong, made an offer to buy out the firm at RM21.80 a share in cash. The takeover has yet to be concluded, with Tanjong recently extending the closing date for acceptances of the offer to 27 Sept. Meanwhile, it had been reported that around 70% of the acquisition price tag of RM4.7bn to privatise Tanjong would come from the debt market, with a ringgit financing been given priority over USD, although a portion of the deal was still expected to be funded offshore. Bankers also pointed out that after the hiving off of Tanjong’s gaming business, Ananda was likely to relist Powertek Bhd, the power business of the Tanjong group. However, contrary to speculation, Ananda was unlikely to list his oil and gas support services company, Bumi Armada Bhd, anytime soon, sources said. (StarBiz)
Carrefour cuts rivals from bidding for its stores
French retail giant Carrefour has taken rivals Tesco and Japan's Aeon out of the bidding for its Southeast Asian stores, the Wall Street Journal reported yesterday. Carrefour, the world's second-largest retailer after Wal-Mart, hopes to raise USD1bn (RM3bn) from the sale of its assets in Singapore, Thailand and Malaysia, the Journal said citing "people familiar with the matter". Several companies have gone through to the next round of bidding, set for November, including France's Casino Guichard-Perrachon and Thai-owned firms Big C Supercenter PC, Central Group, Berli Jucker and PTT, according to the report. Carrefour chief executive officer Lars Olofsson said in May that he would consider offers for its assets in markets where it was not first or second, the Journal said, raising the prospect of an auction of its stores in the growing region. It cut several companies from the bidding process because they had put in low prices, the Journal reported. (BT)
Loh & Loh joint venture wins RM828m TNB project
Loh & Loh Corp Bhd said a 60:40 joint venture between its subsidiary Loh & Loh Constructions SB and Sinohydro Corp Ltd has received a letter of acceptance from Tenaga Nasional Bhd for the Hulu Terengganu Hydroelectric Project Lot CW2 – Main Civil and Associated Works worth RM828.3m. “The commencement date of the project shall be within 130 days after receipt of the letter of acceptance by the contractor. The period for completion of the project is 1,674 days from the commencement date,” it said in a filing with Bursa Malaysia yesterday. Sinohydro is a well-known Chinese hydropower construction group with operations in 50 countries. It is a state-owned enterprise. (StarBiz)
Splash: Downgrade does not mean default on bonds
With Selangor water players having their debt issuance downgraded by rating agencies recently, Syarikat Pengeluar Air Sungai Selangor SB (Splash) has clarified that the downgrade does not constitute a default on the company’s bonds. The water concessionaire also stressed that the bonds were non recourse to shareholders and maintained the company does not need any new borrowings for its operations. A Splash spokesman said in a statement last Thursday that the downgrade had “severe negative impact” on bondholders and that the damage to investor sentiment could be irreparable. (Financial Daily)
Mah Sing proposes to issue RM325m bonds
Mah Sing Group Bhd has proposed an issuance of up to RM325m nominal value of seven-year redeemable convertible secured bonds and increase in the authorised share capital of the company to RM1bn comprising 2bn shares. In a filing with Bursa Malaysia, Mah Sing said the issue price of the bonds would be determined later and the bonds would be issued on a “bought deal” basis. “The proposed bonds issue will raise gross proceeds of up to RM325m.The gross proceeds will be utilised for land acquisitions, working capital purposes as well as to defray estimated expenses arising from the bonds issue,” it said. (StarBiz)
SP Setia unit buys land in Johor for RM169m
In announcement on Thursday, SP Setia announced that it would be acquiring 259.1 acres of freehold land within the Tebrau Corridor in South Johor, Malaysia, from a private developer called Kelana Ventures SB. The acquisition is expected to be completed in late 2011. (Bursa)
20100913 1213 Global Market News.
GLOBAL MARKETS: U.S. data spurs risk appetite, hurts bonds
NEW YORK, Sept 9 (Reuters) - Stocks rose and bonds fell on Thursday after stronger-than-expected U.S. data on jobless benefits and trade, raising hopes the tepid economic recovery would accelerate.
"The economic numbers in the last week or so have been able to beat expectations, so that's providing some confidence that the third quarter will finish firm."
U.S. data shows economic recovery still on track
WASHINGTON, Sept 9 (Reuters) - New U.S. claims for unemployment benefits fell more than expected last week to a two-month low, while the trade deficit narrowed sharply in July, hopeful signs for the stuttering economic recovery.
The data on Thursday helped to calm fears of a sharp slowdown in growth and implied the economy could start working its way out of a soft patch.
China's imports leap, cutting trade surplus
BEIJING, Sept 10 (Reuters) - China's imports leapt in August, boding well for a strengthening of domestic demand in an economy that has become a major driver of global growth.
The unexpectedly big increase in imports also dented China's politically contentious trade surplus ahead of U.S. Congressional hearings next week on whether to punish Beijing for what many in Washington see as an unfairly undervalued yuan.
Stocks hurt by bank worries after Deutsche report
LONDON, Sept 10 (Reuters) - Global stocks were pressured by concerns over banks ahead of a meeting to finalise European capital rules at the weekend, while brighter U.S. and Chinese data hurt the safe-haven appeal of the Swiss franc and yen.
"The bulls and bears have knocked each other senseless and are lying in the corner. The bulls are waiting for employment growth and the bears are waiting for European problems to blow up," John Haynes, head of research at Rensburg Sheppards, said.
NEW YORK, Sept 9 (Reuters) - Stocks rose and bonds fell on Thursday after stronger-than-expected U.S. data on jobless benefits and trade, raising hopes the tepid economic recovery would accelerate.
"The economic numbers in the last week or so have been able to beat expectations, so that's providing some confidence that the third quarter will finish firm."
U.S. data shows economic recovery still on track
WASHINGTON, Sept 9 (Reuters) - New U.S. claims for unemployment benefits fell more than expected last week to a two-month low, while the trade deficit narrowed sharply in July, hopeful signs for the stuttering economic recovery.
The data on Thursday helped to calm fears of a sharp slowdown in growth and implied the economy could start working its way out of a soft patch.
China's imports leap, cutting trade surplus
BEIJING, Sept 10 (Reuters) - China's imports leapt in August, boding well for a strengthening of domestic demand in an economy that has become a major driver of global growth.
The unexpectedly big increase in imports also dented China's politically contentious trade surplus ahead of U.S. Congressional hearings next week on whether to punish Beijing for what many in Washington see as an unfairly undervalued yuan.
Stocks hurt by bank worries after Deutsche report
LONDON, Sept 10 (Reuters) - Global stocks were pressured by concerns over banks ahead of a meeting to finalise European capital rules at the weekend, while brighter U.S. and Chinese data hurt the safe-haven appeal of the Swiss franc and yen.
"The bulls and bears have knocked each other senseless and are lying in the corner. The bulls are waiting for employment growth and the bears are waiting for European problems to blow up," John Haynes, head of research at Rensburg Sheppards, said.
20100913 1212 Soy Oil & Palm Oil Related News.
ITS: Export up 1.1% to 396,684 tonnes.SGS: Export down 3% to 383,456 tonnes.
Soy product futures ended mixed, with adjustments in the meal/oil spread relationship featured. Soyoil futures managed to climb despite weakness in the rest of the complex, underpinned by a strong U.S. export program and spillover support from firm crude-oil futures, analysts said. The unwinding of meal oil spreads and weakness in soybeans weighed on soymeal futures. December soyoil settled 0.17 cents, or 0.4%, higher at 41.76 cents per pound. December soymeal ended $8.30, or 2.7%, lower at $293.70 per short ton. (Source: CME)
China August Edible Oil Imports 530,000 Tons; Down 33% On Year (Source: CME)
China's edible oil imports in August fell 33% from the same month last year to 530,000 metric tons, the General Administration of Customs said Friday. August's figure is down 14.5% compared with July. From January to August, edible oil imports fell 16.3% compared with the same period last year to 4.32 million tons.
China Aug soy imports down 3.6 pct, more falls seen
BEIJING, Sept 10 (Reuters) - China's soybean imports fell 3.6 percent on the month in August to 4.77 million tonnes, still the fourth largest monthly import ever, with further declines seen.
Crushers have booked less for coming months after massive imports -- a record 6.2 million tonnes in June followed by 4.95 million tonnes in July -- squeezed margins.
"Some trading houses have been losing money and reduced purchase volumes," said one trading executive in Shandong, who said firms in the province, which imports the most soybeans for trading, may have reduced imports by 20 percent from earlier months.
OIL: October crude jumps on Canada-US pipeline shutdown
SINGAPORE, Sept 10 (Reuters) - U.S. crude for October jumped to near $75 after a leak forced Enbridge to shut down the biggest pipeline supplying Canadian oil to refineries in the Midwest.
The spread, or the discount of the front month to the second month, shrank to about $1.10 on the Enbridge news from almost $1.80 a barrel earlier this week, flattening a market structure known as contango, where prompt oil is cheaper than future supplies. October ICE Brent shed 17 cents to $77.30.
Soy product futures ended mixed, with adjustments in the meal/oil spread relationship featured. Soyoil futures managed to climb despite weakness in the rest of the complex, underpinned by a strong U.S. export program and spillover support from firm crude-oil futures, analysts said. The unwinding of meal oil spreads and weakness in soybeans weighed on soymeal futures. December soyoil settled 0.17 cents, or 0.4%, higher at 41.76 cents per pound. December soymeal ended $8.30, or 2.7%, lower at $293.70 per short ton. (Source: CME)
China August Edible Oil Imports 530,000 Tons; Down 33% On Year (Source: CME)
China's edible oil imports in August fell 33% from the same month last year to 530,000 metric tons, the General Administration of Customs said Friday. August's figure is down 14.5% compared with July. From January to August, edible oil imports fell 16.3% compared with the same period last year to 4.32 million tons.
China Aug soy imports down 3.6 pct, more falls seen
BEIJING, Sept 10 (Reuters) - China's soybean imports fell 3.6 percent on the month in August to 4.77 million tonnes, still the fourth largest monthly import ever, with further declines seen.
Crushers have booked less for coming months after massive imports -- a record 6.2 million tonnes in June followed by 4.95 million tonnes in July -- squeezed margins.
"Some trading houses have been losing money and reduced purchase volumes," said one trading executive in Shandong, who said firms in the province, which imports the most soybeans for trading, may have reduced imports by 20 percent from earlier months.
OIL: October crude jumps on Canada-US pipeline shutdown
SINGAPORE, Sept 10 (Reuters) - U.S. crude for October jumped to near $75 after a leak forced Enbridge to shut down the biggest pipeline supplying Canadian oil to refineries in the Midwest.
The spread, or the discount of the front month to the second month, shrank to about $1.10 on the Enbridge news from almost $1.80 a barrel earlier this week, flattening a market structure known as contango, where prompt oil is cheaper than future supplies. October ICE Brent shed 17 cents to $77.30.
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