Trader's Comment: CPO futures prices ended lower in a choppy and volatile trading session.

CPO futures prices ended lower in a choppy and volatile trading session. Overnight CBOT soyoil was limit down coupled with NYMEX crude oil plunged more than 10 percent after the U.S. House of Representatives failed to pass the proposed USD 700 billion bailout package for the troubled financial sector. This had added pressure to the local front. Benchmark Dec08 gapped down RM 96 at 2029 after the opening bell and sank to the fresh low at 1988. However, short covering interest ahead of Hari Raya Puasa (BMD closed on 1-2 Oct, 2008) saw prices recovered above 2000 mark and slowly rebouned to hit the day high at 2119 before settling RM 35 lower at 2090. Total daily volume stood at 20,233 contracts changed hands.

FCPO Daily: 2000 mark defended

Market tested 2000 mark in intra-day basis but not closing. We currently looking for the immediate support at 2000-1988 followed by 1827 (low since Dec, 2006). For upside, immediate resistance is at 2180-2185 followed by 2240-2260.

FKLI Daily: good closing on pre-Raya holiday

Market recouped all its early losses to end higher had given some cushion to the market downside momentum. A long white candle printed was not enough to change the immediate technical landscape as market remained at bearish territory. More support confirmation was needed. Currently, we look at the support at 961.0. Upside resistance is at 1036-1039.

KLSE Daily: Raya rally?

KLSE ended with a long white candle on pre-Raya holiday. We are hoping to see more support confirmation as market currently is still stuck in bearish zone. As for now, we look for the support at 963.29. While upside resistance is at 1040.

FCPO Daily: hit fresh low

Market hit fresh low at 1988 and manage to recover some of its early losses to stay above 2000 mark before midday closing. The overall technical landscape maintained in bearish outlook with downside support shift to 1827 (low since Dec, 2006). For upside, resistance is at 2059-2100 (gap left over this morning).

FKLI Daily: struggling around 1000 mark

FKLI recovered some from its early losses to struggle around 1000 mark. Downside support is at 961. Resistance is at 1004.5-1008 (gap left over this morning).

KLSE Daily: defended at 1000 mark

KLSE tested 1000 mark in the early session and manage to recover by midday break. As for now, we look for the support at 963.29 while upside resistance is at 1008-1015 (gap left over this morning).

Breaking News-RTRS-U.S. House reject USD 700 bln Wall Street bailout bill

WASHINGTON, Sept 29 (Reuters) - The U.S. House of Representatives on Monday rejected by a vote of 228-205 a Wall Street bailout bill that would have authorized the Treasury Department to spend up to $700 billion to purchase broken mortgage-backed bonds from banks with the goal of jump-starting stalled capital markets.
Defeated by skeptics from both parties who questioned the need for it and whether it would work, the bailout plan was proposed by the Bush administration on Sept. 20. Congress modified it in just days amid warnings from the White House that urgent action was needed to prevent economic disaster.

Trader's Highlight

DJI-NEW YORK, Sept 29 (Reuters) - The Dow industrials plunged on Monday in their biggest decline ever after U.S. lawmakers unexpectedly rejected a $700 billion financial bailout, spooking investors who fear for the future of global markets and the U.S. economy.

The Dow lost 778 points, its largest point decline in history, and posted its biggest daily percentage slide since the 1987 stock market crash. The benchmark S&P 500 also had its worst day in 21 years after the House voted down the bailout plan by a count of 228 to 205.

The Dow Jones industrial average <.DJI> sank 777.68 points, or 6.98 percent, to 10,365.45. The Standard & Poor's 500 Index <.SPX> dropped 106.59 points, or 8.79 percent, to 1,106.42. The Nasdaq Composite Index <.IXIC> lost 199.61 points, or 9.14 percent, to 1,983.73.

NYMEX-NEW YORK, Sept 29 (Reuters) - U.S. crude oil futures plunged more than 10 percent on Monday after the U.S. House of Representatives failed to pass the proposed $700 billion bailout package for the troubled financial sector.

On the New York Mercantile Exchange, November crude settled at $96.37 a barrel, down $10.52, or 9.84 percent. It traded from $95.04, breaking below support at $100, to $106.91.

CBOT-SOYBEANS - November down the 70 cent limit at $10.94 per bushel; January down 70 at $11.10-1/2.

Most contracts fell the 70 cent limit as economic uncertainty and a sell-off in crude oil pressuring soybeans to a nine-month low.

Daily trading limit widens to $1.05 for next session.

SOYOIL - October down 2.70 cents at 44.70 cents per lb; December down 2.5-cent limit at 45.43 cents.

Several months dive 2.5-cent limit amid drop in crude oil and economic turmoil. October trading without limits as Monday is first position day for soyoil deliveries.

Daily trading limit widens to 3.5 cts for next session.

FCPO-JAKARTA, Sept 29 (Reuters) - Malaysian palm futures plunged more than 8 percent on Monday due to losses in crude oil and demand concerns.

The benchmark December contract on the Bursa Malaysia Derivatives Exchange lost 188 ringgit, or 8.13 percent, ending at 2,125 ringgit a tonne.

REGIONAL EQUITY-BANGKOK, Sept 29 (Reuters) - Most Southeast Asian stock markets fell to a 1-week low on Monday as investors sold banking shares amid concerns about the effectiveness of a $700 billion plan to rescue the U.S. financial sector.

Singapore <.FTSTI> fell 2.08 percent to its lowest since Sept. 18, Malaysia edged down 0.08 percent to its lowest close since Sept. 18, Indonesia <.JKSE> dropped 0.74 percent and Vietnam <.VNI> closed 0.99 percent lower.

DJI Weekly: Dow posts biggest daily point drop in history

DJI posted the biggest daily drop in history and violated the support at 10459. We now is looking for the imemdiate support at 10175-10156. For upside, resistance is at 11334-11344.