KLSE Stock Recommendations

MARKET UPDATES :

1MDB denies overpaying for energy, real estate assets and getting preferential treatment in power plant tenders.1MALAYSIA Development Bhd (1MDB) has cleared the air on allegations it overpaid for certain power plants and plots of land in Penang, and received preferential treatment in power plant tenders.1MDB also addressed questions about its debts and denied “insinuations” that it had spent a whopping US$100 million (RM329 million) to secure an estimated RM11 billion power plant project coded Project 3B.

STOCK RECOMMENDATION :
BUY GENTING MALAYSIA ABOVE 4.300 TG 4.350, 4.420, 4.520 SL 4.230

KLSE IForex Recommendations

TRADING TIPS :

USD/JPY was up 2.60% at 112.05, up from a session low of 109.18 and off a high of 112.48.The pair was expected to test support at 109.18, the session low, and resistance at 112.48, the session.The yen came under broad selling pressure after the BOJ said it would raise its monetary base target to an annual increase of ¥80 trillion from ¥60-70 trillion, a preemptive move to steer the economy away from deflationary decline while improving the chances of reaching inflation goals.Adding to pressure, a Japanese government panel overseeing the Government Pension Investment Fund approved plans on Friday for the fund to raise its holding of foreign stocks to 25% of its portfolio from 12%.

INTRADAY OUTLOOK
Support:111.92
Resistance: 112.48

RECOMMENDATION:
1. Buy USD/JPY Above 112.50-TG:112.70/113.00 SL 112.20
2.Sell USD/JPY Below 111.90-TG:111.70/111.40 SL 112.20

INTRADAY OUTLOOK
Immediate Support: 1.5982
Immediate Resistance:1.6036

RECOMMENDATION:
1. Buy GBP/USD Above 1.6038-TG:1.6058/1.6088 SL 1.6008
2. Sell GBP/USD Below 1.5980-TG:1.5960/1.5930 SL 1.6010

KLSE GOLD Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices held weaker on Monday in Asia after a gauge of China’s manufacturing activity released at the weekend fell to a five-month low in October, despite a series of government support measures aimed at aiding growth. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,169.70, down 0.21%. China’s official Manufacturing Purchasing Managers’ Index dropped to 50.8 in October from 51.1 in September, according to the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics. The index remained above the key 50 level, which separates expansion from contraction compared with the previous month, but was below expectations of a reading that matched September’s tally of 51.1.



TRADING STRATEGY :
BUY GOLD ABOVE 1170 TGT 1174,1179 SL 1165
SELL GOLD BELOW 1164 TGT 1160,1155 SL 1169

Current Market Update

Here are the latest trading levels for Asia's major stock markets:

Tokyo (Nikkei Average) closed for holiday

Hong Kong (Hang Seng Index) down 0.3%

Shanghai (Shanghai Composite Index) up 0.6%

Sydney (S&P/ASX 200) down 0.4% (closed)

Seoul (Kospi) down 0.8%

Mumbai (Sensex) down 0.2% Taipei (Taiex) up 0.2%

Asian Market Update

Asian markets were mixed on Monday as traders took a breather after last week's rally, while Hong Kong and Shanghai were barely moved after a weak Chinese manufacturing report.

Dealers were given a healthy lead from Wall Street, where the Dow and S&P 500 reached new record highs after Japan's central bank said it would ramp up its own stimulus programme to kickstart growth.

The dollar held on to Friday's gains against the yen, sitting at seven-year highs, as Friday's news came days after the Federal Reserve ended its own stimulus, highlighting the contrast between the US and Japanese economies.