Market stayed above 2300 mark for the week closed. Market may continue its correction and consolidation in near term. We continue to look for the support at 2020. Immediate upside resistance is at 2406-2414 followed by 2550-2600.
Friday, September 26, 2008
FCPO Weekly: stayed above 2300 mark
Market stayed above 2300 mark for the week closed. Market may continue its correction and consolidation in near term. We continue to look for the support at 2020. Immediate upside resistance is at 2406-2414 followed by 2550-2600.
Trader's Comment: CPO futures remain in range bound trading
CPO futures remain in range bound trading due to lack of fresh lead. Positions squaring ahead of weekend coupled with initial margin requirement increase to RM11,500 effective today prompted market players reluctant to take up new position. BMD will be close on 1st and 2nd October due to Hari Raya Puasa. Benchmark Dec08 was trading between 2324 to 2255 before it settled RM33 higher at 2313. Market tone was rather mix to steady due to some trade covering activities.
FKLI Weekly: disappointed bull
Disappointed bull as market closed with a black candle and not strong enough to identify a reversal. Thus, we continue to look for the support at 961. For upside, resistance remained at 1045-1050.
KLSE Weekly: weak close
Bearish atmosphere remained clouded the weekly technical outlook following a weak close after market fully covered the gap at 1037-1039. Thus, consolidation and correction phase is likely to continue. We continue to look for the downside support at 963. For upside, immediate resistance is at 1040-1049 followed by 1064-1068.
Trader's Highlight
DJI-NEW YORK, Sept 25 (Reuters) - Wall Street snapped a three-day losing streak on Thursday as Congress closed in on a deal for a $700 billion financial-sector bailout that investors hope will thaw credit markets and revive lending.
All three major indexes ended up at least 1 percent, with bank shares such as JPMorgan Chase and Bank of America leading gains after Senate Banking Committee Chairman Chris Dodd said lawmakers had reached a "fundamental agreement" on the principles of a rescue plan.
The Dow Jones industrial average <.DJI> was up 196.89 points, or 1.82 percent, at 11,022.06. The Standard & Poor's 500 Index <.SPX> was up 23.31 points, or 1.97 percent, at 1,209.18. The Nasdaq Composite Index <.IXIC> was up 30.89 points, or 1.43 percent, at 2,186.57.
NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude oil futures rose on Thursday after lawmakers in Washington neared a deal on a bailout for ailing banks, and on stronger RBOB gasoline futures.
On the New York Mercantile Exchange, November crude rose $2.29, or 2.17 percent, to settle at $108.02 a barrel, trading from $103.22 to $108.67.
CBOT-SOYBEANS - November down 10 cents at $11.77 per bushel.
Census pegs August U.S. soy crush at 128.65 million bushels, above estimate for 128.0 million.
SOYOIL - October up 0.12 cent at 47.82 cents per lb.Higher on oil/meal spreading, rebounding crude oil.
Census reported preliminary U.S. soyoil stocks August at 2.589 bln lbs, near average trade estimate for 2.587 bln.
FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended 1.6% lower Thursday amid heavy volatile trade, after palm oil
exports were estimated down and also below expectations.
The benchmark December contract on the Bursa Malaysia Derivatives ended MYR38
lower at MYR2,280 a metric ton after reaching an intraday low of MYR2,259/ton.
REGIONAL EQUITIES-SINGAPORE, Sept 25 (Reuters) - Most Southeast Asian stocks fell on Thursday as investors feared the $700 billion rescue package for the U.S. financial sector could be delayed, pushing property stocks such as CapitaLand to fresh lows.
Asian stocks dropped, while European bourses were mixed with investors unsure about how the bailout would prevent the economy from slowing further even if it was passed.
Singapore <.FTSTI> led losses, falling 1.4 percent, while Indonesia <.JKSE> shed 0.7 percent on banks. Malaysia <.KLSE> fell 0.4 percent.
All three major indexes ended up at least 1 percent, with bank shares such as JPMorgan Chase
The Dow Jones industrial average <.DJI> was up 196.89 points, or 1.82 percent, at 11,022.06. The Standard & Poor's 500 Index <.SPX> was up 23.31 points, or 1.97 percent, at 1,209.18. The Nasdaq Composite Index <.IXIC> was up 30.89 points, or 1.43 percent, at 2,186.57.
NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude oil futures rose on Thursday after lawmakers in Washington neared a deal on a bailout for ailing banks, and on stronger RBOB gasoline futures.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Census pegs August U.S. soy crush at 128.65 million bushels, above estimate for 128.0 million.
SOYOIL - October
Census reported preliminary U.S. soyoil stocks August at 2.589 bln lbs, near average trade estimate for 2.587 bln.
FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended 1.6% lower Thursday amid heavy volatile trade, after palm oil
exports were estimated down and also below expectations.
The benchmark December contract on the Bursa Malaysia Derivatives ended MYR38
lower at MYR2,280 a metric ton after reaching an intraday low of MYR2,259/ton.
REGIONAL EQUITIES-SINGAPORE, Sept 25 (Reuters) - Most Southeast Asian stocks fell on Thursday as investors feared the $700 billion rescue package for the U.S. financial sector could be delayed, pushing property stocks such as CapitaLand
Asian stocks dropped, while European bourses were mixed with investors unsure about how the bailout would prevent the economy from slowing further even if it was passed.
Singapore <.FTSTI> led losses, falling 1.4 percent, while Indonesia <.JKSE> shed 0.7 percent on banks. Malaysia <.KLSE> fell 0.4 percent.
DJI Daily: rebound after three straight days losing streak
Market rebounded after three straight days losing streak. Consolidation phase to be continue in near term market. We currently is looking for the immediate upside resistance at 11143-11125. While, immediate downside support remained at 10742-10595.
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