Can the rebound last long in FCPO?

Finally, we able to see rebound in FCPO after the recent sharp drop to the fresh year low at 2531. Market fully covered the remaining upside gap leftover on 14-19th Aug, 2008 at 2565-2569 and closed near to day high. However, market still needed more support confirmation in order to build up a support base for a stronger pull back after the steep fall. We now pegged the immediate support at 2531. For upside, immediate resistance is at 2656-2675.

FKLI recouped early losses to end higher

FKLI recovered from early losses to end higher and market looks tried hard to defend at 1045.5 underline support. For upside, resistance remained at 1083-1089.5.

1050 remains supportive for KLSE

KLSE recovered a little and defended well. We continue to look for the resistance and support at 1108-1111 and 1050 level respectively.

Breaking News-DJN-Palm Oil Prices Undervalued, May Rise In Medium Term

KUALA LUMPUR (Dow Jones)--Global crude palm oil prices are undervalued and are not in line with their fundamentals, and should recover in the medium term, said Thomas Mielke, editor-in-chief of Oil World, a Hamburg-based vegetable oils publication.

Breaking News-RTRS-Malaysian palm oil tanker seized in Gulf of Aden

KUALA LUMPUR, Aug 20 (Reuters) - A Malaysian oil tanker, with 39 crew on board and laden with palm oil, has been hijacked in the Gulf of Aden, the company which owns the tanker said on Wednesday.

The tanker was heading towards Rotterdam from Dumai in Sumatra, and the crew include 29 Malaysians and 10 Filipinos, MISC Bhd said in a statement.

FCPO recover from yesterday sell off

Market recovered and rebound from yesterday losses. Looks may have chance again to test the remaining upside gap leftover from 14th-19th, 2008 at 2565-2619. For downside, support is at 2467-2422 (gap leftover this morning).

FKLI defended and tried to rebound after the recent drop

FKLI defended and tried to rebound from its recent low at 1046.5. Market may consolidate and looking to trade in range. We continue to look for support at 1045.5 in near term. For upside, resistance is at 1114-1115.5.

KLSE in range trading

KLSE in range bound mode. We continue to look for the resistance and support at 1108-1111 and 1050 level respectively.

Breaking News-RTRS-Bangladesh may halt edible oil purchases-Official

DHAKA, Aug 19 (Reuters) - Bangladesh buyers may halt edible oil purchases "very soon" due to sharp falls in global prices and sufficient supplies for the Muslim fasting month of Ramadan in September, an industry official said on Tuesday.

Trader's Highlight

DJI-NEW YORK, Aug 19 (Reuters) - U.S. stocks fell for a second straight session on Tuesday as credit worries hit bank shares and a report showing inflation remains a threat despite slower growth stoked the market's anxiety.The Dow Jones industrial average <.DJI> fell 130.84 points, or 1.14 percent, to 11,348.55. The Standard & Poor's 500 Index <.SPX> slid 11.91 points, or 0.93 percent, to 1,266.69. The Nasdaq Composite Index <.IXIC> lost 32.62 points, or 1.35 percent, to 2,384.36.

NYMEX-NEW YORK, Aug 19 (Reuters) - U.S. crude oil futures endedhigher on Tuesday, snapping a three-day losing streak, as the dollar fell back, prompting investors to buy into commodities.On the New York Mercantile Exchange, September crude settled up $1.66, or 1.47 percent, at $114.53, after trading from $111.64 to $116.65. Liquidations ahead of the contract's expiration on Wednesday pared the day's gains.

CBOT-SOYBEANS - September down 12 cents at $12.67 per bushel, November down 13 at $12.76.Profit-taking after Monday's rally pressured soy lower. Very volatile day, with September moving in an 81-1/4 cents per bushel range.

Some support from news that Argentine farmers resume protests over government policy.

SOYOIL - September down 0.14 at 52.38 cents per lb.Followed soybeans lower.

Bangladesh may halt edible oil purchases - official.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives exchange ended 1.9% lower Tuesday on selling pressure amid worries over defaults in the cash market, but off lows as the export outlook remains strong, said trade participants.

The benchmark November contract on Bursa Malaysia Derivatives ended MYR49 lower, at MYR2,436 a metric ton, after declining as much as 5.4% to an intraday low of MYR2,351.

REGIONAL EQUITIES-SINGAPORE, Aug 19 (Reuters) - Most Southeast Asian markets slid on Tuesday as fresh fears that the worst is not over for credit markets weighed on financials and property stocks.

Asian stocks fell to a two-year low on fears the U.S. government will have to bail out top mortgage finance companies Fannie Mae and Freddie Mac, further destabilising the financial sector

Singapore <.FTSTI> and Malaysia <.KLSE> fell 1.8 and 1.4 percent to hit 20-month lows, while Indonesia <.JKSE> slid 2.1 percent to hit a one-year low.The Philippine index <.PSI> also slipped 1.25 percent, while Thai stocks <.SETI> edged 0.9 percent lower. Vietnam <.VNI>
bucked the trend to rise 0.7 percent to its highest in three months.

DJI looks tired

DJI looks may continue to trade lower. We now look for the support at 11221-11210. For upside, resistance is at 11690-11700.