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Asian markets were mixed Thursday after a record-breaking rally on Wall Street finally came to an end, while investors await the release of key Chinese data later in the day.
Japanese shares extended their run upwards thanks to the weaker yen, with attention turning to Prime Minister Shinzo Abe as speculation swirls that he may put off a planned sales tax hike and call a snap general election.
Tokyo added 0.26 per cent by lunch, Hong Kong and Shanghai were flat and Seoul was up 0.28 per cent while Sydney dipped 0.27 per cent.
MALAYSIA share prices opened higher on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 2.26 points to 1817.84.
Volume was 26.94 million lots worth RM9.07 million.
Gainers outnumbered losers 63 to 44.
MALAYSIAN shares ended lower on Wednesday with the Kuala Lumpur Composite Index slipping 8.87 points to close at 1,816.24.
Some 1.69 billion lots, valued at RM1.82 billion were traded. Gainers numbered 265 while losers numbered 510.
TRADING TIPS :
EUR/USD slipped 0.15% to 1.2399, not far from last Friday’s lows of 1.2356, the weakest since August 2012. The dollar slid in the previous two sessions after Friday’s softer than expected U.S. jobs report prompted a bout of profit taking to lock in gains after the greenbacks recent run higher. The dollar has rallied over the past two months as broadly stronger economic data fuelled expectations that the Federal Reserve will raise interest rates sometime in 2015.In contrast, central banks in Japan and the euro zone are likely to stick to a looser monetary policy stance in a bid to spur growth and inflation.The European Central Bank reiterated its pledge late last week to implement further stimulus measures if needed to combat persistently low levels of inflation in the euro area.
INTRADAY OUTLOOK
Support: 1.2387
Resistance: 1.2446
RECOMMENDATION:
1. Buy EUR/USD Above 1.2448-TG:1.2468/1.2498 SL 1.2418
2. Sell EUR/USD Below 1.2385-TG:1.2365/1.2335 SL 1.2415
INTRADAY OUTLOOK
Immediate Support: 115.53
Immediate Resistance: 116.08
RECOMMENDATION:
1. Buy USD/JPY Above 116.13-TG:116.33/116.63 SL 115.83
2. Sell USD/JPY Below 115.50-TG:115.30/115.00 SL 115.80
MARKET UPDATES :
A memorandum of agreement signed between Export-Import Bank of Malaysia Bhd (Exim Bank) and Majlis Amanah Rakyat (Mara) today will provide local entrepreneurs with a RM100 million loan to penetrate the international market. Rural and Regional Development Minister Datuk Seri Mohd Shafie Apdal said the agreement will enable 50 local small and medium entrepreneurs obtain loans from RM300,000 to RM2 million.
STOCK RECOMMENDATION :
BUY MISC ABOVE 7.85 TGT 7.92 ,8.00 SL 7.78
