Thursday, April 22, 2010

Trader's Highlight

DJI-NEW YORK, April 21 (Reuters) - U.S. stocks finished little changed on Wednesday as disappointing outlooks from healthcare companies offset strong earnings from Morgan Stanley and Apple Inc .

Healthcare stocks took a beating after both Abbott Laboratories and Gilead Sciences Inc cut profit forecasts. Both Abbott and Gilead cited the impact of costs from U.S. healthcare reform in their outlooks.

The Dow Jones industrial average <.DJI> edged up 7.86 points, or 0.07 percent, at 11,124.92. The Standard & Poor's 500 Index <.SPX> dipped 1.23 points, or 0.10 percent, to 1,205.94. The Nasdaq Composite Index <.IXIC> inched up 4.30 points, or 0.17 percent, to 2,504.61.

NYMEX-NEW YORK, April 21 (Reuters) - U.S. crude oil futures ended a choppy session slightly lower on Wednesday after government oil inventory data showed crude stockpiles rose last week, against a forecast for a slight drop.

While the front-month June crude contract ended lower, nearby months and Brent crude traded in London managed gains.

On the New York Mercantile Exchange, June crude fell 17 cents, or 0.2 percent, to settle at $83.68 a barrel, after trading from $82.92 to $84.64.

CBOT-CHICAGO, April 21 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.

CBOT-SOYBEANS - May up 11-1/2 cents at $9.95-1/2 per bushel; new-crop November up 13-3/4 at $9.77. Persistent buying of U.S. soy by China lending support, in addition to some support from slow farmer selling and firm cash basis markets.

CBOT-SOYOIL - May down 0.17 cent at 38.90 cents per lb. Weak crude oil market pressures prices.

FCPO-KUALA LUMPUR, April 21 (Reuters) - Malaysia palm oil futures dropped 1.1 percent on Wednesday as the stronger ringgit currency prompted some investors to unwind positions despite firmer agriculture markets.

A higher ringgit against the U.S. dollar has prevented the palm oil market from breaking the 2,500 ringgit level this week. The Malaysian currency , the best Asian performer this year, rose 0.3 percent.

A stronger ringgit makes palm oil more expensive for refiners as the crude palm oil feedstock is priced in that currency, chewing into their margins.

The benchmark July crude palm oil futures on Bursa Malaysia Derivatives Exchange ended 27 ringgit lower at 2,471 ringgit ($771.7) per tonne. On Monday the contract fell to 2,455 ringgit, a level unseen since Feb. 2. Overall traded volume stood at 11,659 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, April 21 (Reuters) - Thai stocks fell 1 percent on Wednesday as the market continued volatile because of political unrest in Bangkok, while Singapore and Malaysia turned lower during the day as investors took profits.

Sentiment in the region was fairly positive as listed firms kicked off the results season with favourable quarterly earnings thanks to strength in the regional economy. Indonesia, Philippines and Vietnam ended in positive territory.

In Singapore, top developer CapitaLand eased 0.3 percent but Keppel Land rose 2.2 percent after it posted a 75 percent increase in quarterly net profit.

Singapore Airlines gained 0.66 percent, reversing recent losses, after it reinstated some flights to and from Europe.

Other airlines in the region were mixed, with Malaysian Airline System sliding 0.9 percent but Thai Airways rising 1 percent.

In Kuala Lumpur, chip makers gained, with Unisem up 0.6 percent. Broker AmResearch said it expected Malaysian chip makers to deliver strong results, following Intel's stunning performance last week.