Breaking News-RTRS-Indonesia says want Pakistan to cut palm oil import duty

JAKARTA, Aug 1 (Reuters) - Indonesia, the world's top palm oil producer, will ask Pakistan to lower import tariffs for palm oil products to boost its palm oil exports, a senior government official said on Friday.

FKLI Weekly: Market close with a long upper shadow candle

Market touch and go at 1200 level had printed a long upper shadow candle on the weekly chart. Downtrend line was violated due to the market hit 1200. We continue to look for the support at 1083.5-1086.5. While, resistance is at 1200.

KLSE Weekly: rebound for the 2nd week

Market rebound for 2nd week after a steep fall and it approaching closely to the downtrend line. Thus, market may have chance to violate the downtrend line and rebound further. We look at the resistance at 1189.25. Support is pegged at 1090.39-1089.47

FCPO reversed from yesterday gains

FCPO gapped down after the opening bell and end lower in morning session. We look at the immediate support at 2935-2940. Resistance is at 3050-2994 (gap left over this morning).

FKLI dropped and violated the lower band of upward channel

FKLI gapped down and violated the lower band of upward channel. One of the reason the wide gap appear was due to change month effect. We now look for the support at 1136.5-1135 followed by 1119-1120. While, resistance is at 1143.5-1160.0 (gap left over this morning).

KLSE close downside gap?

KLSE reversed from yesterday gains to end lower for morning closing. Market looks may have chance to close the downside gap at 1149.17-1155.58. While, resistance is at 1163-1164.

Trader's Highlight

DJI-NEW YORK, July 31 (Reuters) - U.S. stocks fell on Thursday, led by Exxon Mobil after its earnings fell short of Wall Street's expectations and as disappointing economic data revived fears of a U.S. recession.

Government reports showing weaker-than-expected second-quarter growth and a rise in the number of Americans applying for jobless benefits soured market sentiment and left investors uneasy about the July payrolls report due on Friday.

The Dow Jones industrial average <.DJI> tumbled 205.67 points, or 1.78 percent, to 11,378.02. The Standard & Poor's 500 Index <.SPX> dropped 16.88 points, or 1.31 percent, to 1,267.38. The Nasdaq Composite Index <.IXIC> slipped 4.17 points, or 0.18 percent, to 2,325.55.

NYMEX-NEW YORK, July 31 (Reuters) - U.S. crude oil futures ended lower on Thursday, giving back more than half of their fat gains on Wednesday, as weak jobs and economic growth data spurred more worries about demand prospects for oil.September crude settled down $2.69, or 2.12 percent, at $124.08 a barrel, trading from $122.71 to $127.89.

CBOT-SOYBEANS - August up 1-3/4 cents at $13.95-3/4 per bushel, new-crop November down 1 cent at at $14.04.

Ends mixed after early gains led by November 2009 as worries about 2009 acreage supports back months due to USDA decision this week not to release acres from Conservation Reserve Program without penalty. Overhanging market is good crop weather in the U.S. Midwest as the soy crop goes through its key pod-setting stage of development.

SOYOIL - August unchanged at 58.26 cents per lb.Pressure from weakness in crude oil.

FCPO-KUALA LUMPUR, July 31 (Reuters) - Malaysian crude palm oil futures climbed 1.9 percent on Thursday as strong export data from cargo surveyors lifted market spirits amid strengthening crude oil prices.The benchmark October contract on the Bursa Malaysia Derivatives Exchange settled up 58 ringgit to 3,050 ringgit ($937).

REGIONAL EQUITIES-July 31 (Reuters) - Most Southeast Asian stock markets rose on Thursday, helped by gains on Wall Street, with a jump in oil prices boosting firms such as Singapore's Wilmar and Thailand's PTT.

Singapore <.FTSTI> rose 0.14 percent while Malaysia <.KLSE> edged 0.27 percent higher. Thailand <.SETI> gained 0.96 percent,Indonesia <.JKSE> rose 1.13 percent and Vietnam <.VNI> climbed 0.69 percent.

DJI reversed from its winning streak

Some gains given up after a long black candle printed had slow down the market upward momentum. Thus, market may want to consolidate and look for a range in near term. We continue to look for the resistance and support at 1634-11698 level and support at 11120-11130 level respectively.