Breaking News-Maxis Said to Sell Stock at 5 Ringgit Apiece to Institutions

By Soraya Permatasari
Nov. 10 (Bloomberg) -- Maxis Communications Bhd. agreed to sell shares of its flagship unit, Malaysia’s biggest mobile- phone operator, at 5 ringgit apiece ($1.48), according to three people familiar with the matter.
The people asked not to be identified before a public announcement. The Kuala Lumpur-based company planned to sell
2.25 billion shares of Maxis Bhd. for 5 ringgit to 5.50 ringgit apiece, according to an e-mail from arranger CIMB Investment Bank Bhd. sent to investors yesterday.

Breaking News-RTRS-PREVIEW - USDA to trim corn crop, soy still record

CHICAGO, Nov 6 (Reuters) - Persistent rains have lead to the latest harvest in more than 20 years, but the U.S. soybean crop is still expected to be the largest on record and U.S. corn the second largest, analysts said ahead of a government report next week.
The U.S. Agriculture Department is expected to slightly increase its soybean crop estimate and lower its corn estimate when it releases its monthly report at 8:30 a.m. EST (1330 GMT) on Tuesday.
On average, analysts forecast U.S. soybean production at a record 3.262 billion bushels, up from USDA's October forecast for 3.250 billion. The corn crop is pegged at 12.940 billion, below the government's previous forecast for 13.018 billion but still what would be the second-largest crop ever. [ID:nN05438520]

Trader's Highlight

DJI-NEW YORK, Nov 9 (Reuters) - A broad U.S. stocks rally sent the Dow industrials to a 13-month high on Monday, after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors' desire for risk.

The Dow Jones industrial average <.DJI> jumped 203.52 points, or 2.03 percent, to 10,226.94. The Standard & Poor's 500 Index <.SPX> rose 23.78 points, or 2.22 percent, to 1,093.08. The Nasdaq Composite Index <.IXIC> gained 41.62 points, or 1.97 percent, to 2,154.06.

NYMEX-NEW YORK, Nov 9 (Reuters) - U.S. crude oil futures ended 2.6 percent higher on Monday, lifted by the weak dollar and on shut-in oil and natural gas production as Tropical Storm Ida approached the Gulf Coast.

Tropical Storm Ida has shut 29.6 percent of oil production and 27.5 percent of gas output from the Gulf of Mexico, the U.S. Minerals Management Service said Monday.

On the New York Mercantile Exchange, December crude rose $2, or 2.58 percent, to settle at $79.43 a barrel, trading from $77.77 to $80.19.

CBOT-SOYBEANS - November up 16-1/4 cents at $9.64-1/4 per bushel; January up 17 at $9.72.

Falling dollar, strong gains in crude oil, gold and equities boost soy futures, countering bearish impact of much better harvest weather in the U.S. Midwest. Strong export inspections number adds support.

CBOT-SOYOIL - December up 1 cent at 37.77 cents per lb. Support from gains in soybeans and crude oil as the dollar falls.

FCPO-JAKARTA, Nov 9 (Reuters) - Malaysian crude palm oil futures rose 0.9 percent on Monday, bouncing back from early losses, supported by talk of a rise in exports and a bullish price outlook from an influential industry analyst, traders said.

There was speculation that an estimate by cargo surveyor Intertek Testing Services (ITS), due out on Tuesday, will show Nov. 1-10 Malaysian palm oil exports at 394,000 tonnes against 339,195 tonnes shipped between Oct.1-10, traders said.

The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange rose 20 ringgit to 2,266 ringgit ($670.81) per tonne, after going as low as 2,215 ringgit. Overall volume was about average at 9,955 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Nov 9 (Reuters) - Stock indexes in Singapore,
Indonesia and Thailand climbed to their highest in almost two weeks on Monday on buying in resource and commodity companies such as Wilmar International, Astra Agro and PTT.

Singapore's benchmark Straits Times Index <.FTSTI> rose 1.3 percent, with Wilmar , the world's largest listed palm oil producer, jumping 3.2 percent, Noble Group shooting up 6.2 percent and Olam International up 2.8 percent.

Malaysia <.KLSE> hit a two-week high, ending up 0.6 percent, with palm plantation firm IOI Corp surging 4.5 percent and Sime Darby adding 1.1 percent.

FCPO Daily: Slightly improved

Immediate technical landscape improved a little following prices continue to defend at 2200 levels. Thus, a break out from the overhead resistance at 2270-2275 may provide more room to bias upside potential. Next resistance will be looking at 2350. While, downside support is adjusted to 2215-2200 followed by 2180.

DJI Daily: More room to upside potential

A convincing break out from the overhead resistance at 10,200 levels had strengthen further the overall immediate technical landscape. Thus, market may likely to march higher to challenge the next resistance at 10,300-10,500. To the downside, support is pegged at 10,000-9,900.

FKLI Daily: Ends of consolidation phase

Market has come to the end of its consolidation mode following prices hits the new fresh high at 1274.5. Market looks may want to challenge the overhead resistance at 1300-1310 followed by 1314.5-1348 (unfilled gap left over since 4/3/2008). To the downside, support is lies at 1262.5-1258 (gap left over on 6/11/2009) followed by 1230.

Breaking News-RTRS-Palm seen at 2,625 rgt/T by April on $75/bbl crude -Fry

RTRS-MALAYSIAN PALM OIL PRICES WILL HIT 2,625 RGT/T BY APRIL IF BRENT CRUDE STEADIES AT $75 A BARREL -ANALYST FRY
RTRS-PALM OIL PRICES WILL MOVE TO 2,350 RGT/T BY APRIL IF BRENT CRUDE DROPS TO $65 -FRY
RTRS-Palm seen at 2,625 rgt/T by April on $75/bbl crude -Fry

Trader's highlight

DJI-NEW YORK, Nov 6 (Reuters) - U.S. stocks rose 3 percent for the week after ending Friday's session slightly higher, shrugging off government data showing the unemployment rate hit 10.2 percent -- the highest in 26-1/2 years.

The Dow Jones industrial average <.DJI> gained 17.46 points, or 0.17 percent, to end at 10,023.42. The Standard & Poor's 500 Index <.SPX> rose 2.67 points, or 0.25 percent, to 1,069.30. The Nasdaq Composite Index <.IXIC> added 7.12 points, or 0.34 percent, to close at 2,112.44.

NYMEX-NEW YORK, Nov 6 (Reuters) - U.S. crude futures finished nearly 3 percent lower on Friday, after government data showing the unemployment rate at its highest in 26-1/2 years sparked more worries about petroleum demand.

Losses deepened from Thursday, when oil futures fell in a delayed reaction to midweek's government inventory data showing U.S. total oil product demand over the past four weeks was down 4.5 percent from a year ago.

On the New York Mercantile Exchange, crude for December delivery settled down $2.19, or 2.75 percent, at $77.43 a barrel, after trading from $76.71 to $80.34. For the week, front-month prices are up 43 cents, or 0.56 percent.

CBOT-SOYBEANS - November down 19 cents at $9.48 a bushel; January down 17 at $9.55. Pressured by good U.S. harvest weather, prospects for a record large U.S. soy crop and lower crude oil.

CBOT-SOYOIL - December down 0.41 cent per lb at 36.77 cents; deferreds down 0.40 to 0.42. Pressured by falling soybeans and lower crude oil.

FCPO-JAKARTA, Nov 6 (Reuters) - Malaysian crude palm oil futures finished flat on Friday, giving up gains of more than one percent as investors liquidated long postions ahead of the weekend, traders said.

The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange edged down 1 ringgit, or 0.04 percent, at 2,246 ringgit ($660.59) per tonne, after going as high as 2,275 ringgit, a level not seen since Sept. 2 and a low of 2,230 ringgit. Overall volume was 9,137 lots of 25 tonnes each, lower than the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, Nov 6 (Reuters) - Most major Southeast Asian stock
markets rose on Friday, with solid earnings from DBS, Thai Oil and others providing support in Singapore and Thailand, and blue chips elsewhere coming off recent lows.

Fewer jobless claims in the U.S. and estimate-beating results prompted most markets in the region to rise over 1 percent, with Thailand <.SETI> gaining 2.5 percent and Singapore <.FTSTI> up 1.1 percent, both hitting their highest levels of the week.

In Kuala Lumpur, the index <.KLSE> eked out a small gain of 0.5 percent, with gaming group Genting up 1.4 percent after a top executive said the company was on track to launch a new casino in Singapore by January next year.

FCPO Weekly: Consolidation phase is likely to continue

Consolidation phase is likely to continue in near term despite prices tested the immediate upside resistance at 2250. As for now, we are looking for the immediate upside resistance at 2350. While, downside support is pegged 2130 followed by 2108-2100 (unfilled gap left over since 18/10/2009).

FKLI Weekly: Stayed firm at above 1230 levels

Market looks firm to survive at above 1230 levels. Thus, consolidation phase will likely to continue in near term with upside resistance remains at 1273.5 followed by 1300. While, to the downside, immediate support is stood to 1230 followed by 1200.

Breaking News-RTRS-POLL-Malaysia's Oct palm oil stocks seen at 9-month high

RTRS-MALAYSIA'S END OCT PALM OIL STOCKS SEEN UP 15.3 PCT FROM SEPT AT 1.82 MLN TONNES - REUTERS POLL
RTRS-MALAYSIA'S OCT PALM OIL OUTPUT SEEN UP 16 PCT FROM SEPT - POLL
RTRS-MALAYSIA'S OCT PALM OIL EXPORTS SEEN UP 10.5 PCT FROM SEPT -POLL

DJI Daily: Waiting for a clearer direction

Market manage to hold ground at 9,600 levels and climbed to close at 10,000 resistance mark. However, it was not convincing enough despite prices close with a long white candle. We will wait to see a breakout from the either overhead resistance at 10,200 or the support at 9,600 may provide us a more clearer picture.

Trader's Highlight

DJI-NEW YORK, Nov 4 (Reuters) - U.S. stocks rallied but lost steam on Wednesday after the Federal Reserve said it would keep rates near zero for "an extended period" even as it expressed confidence in the economic recovery.

Stocks pushed higher in the hour following the FOMC statement, after the Fed kept its benchmark federal funds rate unchanged in a range of zero to 0.25 percent.But the market was unable to hold those gains as it succumbed to selling pressure in the last half-hour of trading.

The Dow Jones industrial average <.DJI> gained 30.23 points, or 0.31 percent, to end at 9,802.14, after rising as much as 156.13 points, or 1.6 percent, in the hour after the FOMC statement to touch a session high at 9,928.04. The Standard & Poor's 500 Index <.SPX> edged up 1.09 points, or 0.10 percent, to finish at 1,046.50. But the Nasdaq Composite Index <.IXIC> slipped 1.80 points, or 0.09 percent, to close at 2,055.52.

NYMEX-NEW YORK, Nov 4 (Reuters) - U.S. crude oil futures ended up on Wednesday, though well below the day's highs, buoyed by an optimistic economic outlook from the Federal Reserve and a surprise weekly drawdown in crude inventories.

On the New York Mercantile Exchange, December crude settled up 80 cents, or 1.01 percent, at $80.40 a barrel, trading from $79.12 to $81.06.

CBOT-SOYBEANS - November down 11-1/4 cents at $9.95-1/2 a bushel; deferreds down 6 to 11-1/2.

Prospects for a record U.S. crop and better harvest weather weigh along with increased hedge pressure.

CBOT-SOYOIL - December up 0.02 cent at 37.55 cents per lb; deferreds up 0.03 to down 0.04.

FCPO-KUALA LUMPUR, Nov 4 (Reuters) - Malaysian crude palm oil futures jumped as much as 3.8 percent on Wednesday to hit two-month highs as rising crude oil markets [O/R] boosted global vegetable oil prices.

But underlying palm sentiment was weak due to fears that stock levels in Malaysia and Indonesia were building up, traders said.

The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange gained as much as 83 ringgit to 2,273 ringgit ($665) a tonne, a level unseen since Sept. 2, before settling at 2,260 ringgit.

Overall volumes shot up to 17,119 lots of 25 tonnes each from the usual 10,000 lots on speculative trades.

REGIONAL EQUITIES-BANGKOK, Nov 4 (Reuters) - Most Southeast Asian markets rose
on Wednesday, recovering from losses the previous session, with banks and palm oil stocks leading gains in Malaysia, pushing the market to its highest in a week.

Overall trading was light as investors remained cautious before a U.S. Federal Reserve statement on interest rates and the economy later on Wednesday.

Malaysia's index <.KLSE> ended up 0.93 percent, Singapore's index <.FTSTI>, after falling two days in a row, bounced back 1.03 percent, Thai stocks <.SETI> climbed 2.68 percent and Indonesia <.JKSE> edged up 1.62 percent.

Gains in Malaysia were driven by top palm planter Sime Darby , the largest stock on the bourse by market value, which rose 0.7 percent to a one-week high after an upbeat price forecast by industry analyst Oil World. [ID:nL381260]

Malaysian banks rose on hopes that earnings will get a boost next year when the economy recovers, with top lender Maybank up 1.5 percent, number two CIMB adding 0.64 percent and third-ranked Public Bank up 0.93 percent.

Similarly in Singapore, United Overseas Bank rose 1.5 percent, number two Oversea-Chinese Banking Corp gained 1.7 percent and DBS , Southeast Asia's biggest lender, added 0.62 percent.

FCPO Daily: More room to upside potential

A convincing breakout from the 2250 levels has proved to us that bulls won the battle and has giving us a more clearer market direction. Thus, market looks may continue to march higher in near term. As for now, we are looking the upside resistance at 2280-2299 (gap left over on 2/9/2009) followed by 2335-2352 (gap left over on 1/9/2009). Downside support is lies at 2180 followed by 2150-2130 levels.

Breaking News-RTRS-Malaysia scraps Brazilian palm estate plan-sources

KUALA LUMPUR, Nov 3 (Reuters) - Malaysia's state plantation agency has backed off from plans to develop up to 100,000 hectares of oil palms in Brazil, sources with knowledge of the matter told Reuters on Tuesday.
Last year, the Federal Land Development Authority (FELDA) announced a joint venture with a Brazilian planter to grow oil palms near the Amazon river, a move green groups criticised as speeding up deforestation and climate change.
Malaysian and Brazilian sources say FELDA has now abandoned the plan after quietly putting the venture on hold five months ago, a major setback to its aim to become a global commodity player.

Breaking News-RTRS-Oil World cuts Argentine 2010 soy crop forecast

HAMBURG, Nov 3 (Reuters) - German oilseeds analysts Oil World said on Tuesday it has cut its forecast of Argentina's soybean crop for harvesting in early 2010 to 50.0 million tonnes from 52.0 million tonnes forecast last month due to dry weather.
This would still be up strongly from the drought-reduced 32.0 harvested in the previous crop.

Breaking News-RTRS-Oil World sees rising palm oil prices from Dec

HAMBURG, Nov 3 (Reuters) - Global palm oil prices are likely to rise from December because of reduced stocks and sunflower oil prices are also set to increase, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"Owing to declining stocks, palm oil prices are likely to appreciate from December onwards and may rally by $80 to $150 (a tonne) until March or April 2010," it said.

Trader' s Highlight

DJI-NEW YORK, Nov 3 (Reuters) - The Dow dipped while the S&P 500 and Nasdaq rose slightly on Tuesday as a Morgan Stanley downgrade of semiconductors weighed on the sector, while deal news bolstered views that merger actvity was picking up.

The Dow Jones industrial average <.DJI> was down 8.69 points, or 0.09 percent, at 9,780.75. The Standard & Poor's 500 Index <.SPX> was up 2.89 points, or 0.38 percent, at 1,045.77. The Nasdaq Composite Index <.IXIC> was up 3.49 points, or 0.17 percent, at 2,052.69.

NYMEX-NEW YORK, Nov 3 (Reuters) - U.S. crude oil futures were little changed in post-settlement trading on Tuesday after industry data showed a surprise drawdown in domestic crude stocks last week.

The American Petroleum Institute said that for the week ending Oct. 30, crude stockpiles fell by 3.3 million barrels, gasoline stocks rose by 501,000 barrels and distillate supplies increased by 1.8 million barrels.

The U.S. Energy Information Administration will release its own data on Wednesday, at 10:30 a.m. EST (1530 GMT).

On the New York Mercantile Exchange at 5 p.m. EST (2200 GMT) December crude was up $1.24, or 1.59 percent, at $79.37. It was trading at $79.39 just before the API data was released. It earlier settled up $1.47, or 1.88 percent at $79.60, trading from $76.55 to $79.77.

CBOT-SOYBEANS - November up 9-1/4 cents per bushel at $10.06-3/4 per bushel. January up 12-1/2 at $10.10-1/2.

Technical fund buying boosts soybean market with additional support from higher crude oil, offsetting bearish impact of improved U.S. harvest weather and firm dollar.

CBOT-SOYOIL - December up 0.74 cent per lb at 37.53 cents per lb. Following soybeans with fund buying offsetting bearish impact of firm dollar.

FCPO-JAKARTA, Nov 3 (Reuters) - Malaysian crude palm oil futures edged down on Tuesday as speculation of a big jump in production in October fueled fears of a further rise in inventories, which would be bearish for prices, traders said.

The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 18 ringgit, or 0.8 percent, at 2,190 ringgit ($638.67) a tonne. Overall volume was 12,666 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Nov 3 (Reuters) - Most Southeast Asian stock markets
extended recent losses on Tuesday in a market cautious ahead of a U.S. Federal Reserve meeting, and lower oil prices forced down big-cap energy and resource shares across the region.

Singapore <.FTSTI> lost 0.9 percent, adding to Monday's 0.2 percent decline, and Thailand <.SETI> ended down 1.3 percent after touching its lowest in over eight weeks.

Indonesia <.JKSE> shed 1.6 percent, while Vietnam <.VNI>, Southeast Asia's best performer so far this year, sank 3.9 percent to its lowest in nearly eight weeks.

The U.S. central bank is widely expected to keep rates unchanged but there is a chance the Fed will drop its pledge to keep rates low for an extended period of time.

In Kuala Lumpur, Bursa Malaysia queried unusual price moves in tech firm Lityan , which slid as much 18 percent on the day. Lityan's share price has more than doubled since its relisting on Oct. 30. The share closed down 9.3 percent.

NYMEX Crude Daily: Range trading likely to continue

Market looks likely to trade in range trading in near term between USD75.00-USD73.00 to USD80.00-USD82.00.

FCPO Daily: Waiting for a significant breakout

Low is getting higher yet we are still waiting for a significant breakout either the upside resistance at 2250 or the downside support at 2130 levels. The overall immediate technical landscape remains mix view and market looks likely to consolidate in near term.