Tuesday, December 1, 2009

Trader's Highlight

DJI-NEW YORK, Nov 30 (Reuters) - U.S. stocks rose on Monday, helping the Dow post its fifth straight monthly gain, on hopes that possible fallout from Dubai's debt woes will be contained.

Shortly before the market closed, Dubai's largest company said its planned restructuring of some units involved $26 billion in debt, easing some concerns about the size of Dubai's financial problems.

The Dow Jones industrial average <.DJI> rose 34.92 points, or 0.34 percent, to end at 10,344.84. The Standard & Poor's 500 Index <.SPX> was up 4.14 points, or 0.38 percent, at 1,095.63. The Nasdaq Composite Index <.IXIC> was up 6.16 points, or 0.29 percent, at 2,144.60.

NYMEX-NEW YORK, Nov 30 (Reuters) - U.S. crude oil futures ended more than a dollar higher on Monday, rebounding from Friday's heavy losses as a weak dollar attracted buyers and geopolitical risk premium related to Iran also raised jitters, traders and analysts said.

They cited fears over Iran's announcement on Sunday that it planned to build 10 uranium enrichment plants and news late on Monday that Iran had restructured its naval forces for operations in the Persian Gulf in the event of a conflict.

On the New York Mercantile Exchange, January crude settled up $1.23, or 1.62 percent, at $77.28 a barrel, trading from $75.13 to $78. For the month, front-month crude rose 28 cents, or 0.36 percent.

CBOT-SOYBEANS - January up 7-1/2 cents at $10.60-1/2 per bushel. Rallied to session highs on month-end buying and dollar weakness. But export inspections data disappoints.

CBOT-SOYOIL - December up 0.09 cent at 40.19 cents per lb; January up 0.06 at 40.58 cents. Choppy, turning firm as soybeans and crude oil advance.

FCPO-KUALA LUMPUR, Nov 30 (Reuters) - Malaysian crude palm oil futures edged lower as financial markets looked for signs that Dubai's debt problems might slow the global economic recovery.

The benchmark February contract on the Bursa Malaysia Derivatives Exchange ended 10 ringgit down at 2,472 ringgit ($730.7) a tonne.

REGIONAL EQUITIES
-BANGKOK, Nov 30 (Reuters) - Most Southeast Asian stock markets rose on Monday, with gains led by top financial counters after the United Arab Emirates' pledge of support for its banks, lifting Thailand's Bangkok Bank and Indonesia's Bank Mandiri from multi-week lows.

Regional stocks and currencies rose as the panic surrounding the Dubai debt problems subsided and investors realised local exposure to Dubai was limited, analysts said. Some felt the reaction to the whole saga had probably been overdone.

In Singapore, the index <.FTSTI> shed 1.1 percent to its lowest in more than two weeks, dragged down by a loss of nearly 3 percent in DBS Group , which has some exposure to the Middle East, while City Developments , which has a joint venture with Dubai World in Singapore, dropped 1.4 percent.

Elsewhere in the region, Malaysia <.KLSE> fell 0.9 percent after trade resumed on Monday following a holiday last Friday. Markets in the Philippines <.PSI> were shut for a holiday.

FCPO Daily: Surviving


Market is still surviving at above 2400 levels as prices manage to bounce back to close off the day high. Thus, market may enter into consolidation zone in near term. Upside resistance will be looking at 2521. While, downside support remains at 2428-2419 (gap left over on 23/11/2009).

FKLI Daily: Losing ground


Market is losing ground after fully covered the downside gap at 1262.5-1258. Break of the physiological support at 1250 levels may provide more room to bias downside potential. While to the upside, resistance is pegged at 1270-1275 followed by 1286.