KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

• Gold prices rose slightly in early Asia on Thursday with the focus on next week’s Federal Reserve meeting for signals on interest rates. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,227.50 a troy ounce, up 0.05%, after hitting an overnight session low of $1,225.70 and off a high of $1,238.90. Overnight, gold futures held steady on Wednesday after the dollar cooled its rally due to profit taking amid safe-haven demand for the yen, though uncertainty in Europe sent the yellow metal dipping into negative territory during afternoon trading on concerns the dollar may rise in the near future.

TRADING STRATEGY :

SELL GOLD BELOW 1223.5 TARGET 1218.5 1212.5 SL 1229.5
BUY GOLD ABOVE 1233 TARGET 1238 1244 SL 1227

KLSE IForex Recommendations

TRADING TIPS :

EUR/USD held steady at 1.2379, as investors remained cautious following a surprise decision by the Greek government to bring forward a parliamentary vote for president to next week from February.Markets were spooked by the risk of snap elections which could take place if Prime Minister Antonis Samaras’ candidate is not approved by parliament, which could see the anti-bailout Syriza party take power.The decision prompted the stock market in Athens to plummet 9.5% on Tuesday, the largest one day decline in over 20 years. The Greek stock market suffered fresh falls on Wednesday and the yield on Greece’s 10-year bond rose to 8.55% from 8.12% late Tuesday.


INTRADAY OUTLOOK
Support: 1.2353
Resistance: 1.2399

RECOMMENDATION:
1. Buy EUR/USD Above 1.2401-TG:1.2421/1.2451 SL 1.2371
2. Sell EUR/USD Below 1.2350-TG:1.2330/1.2300 SL 1.2380

INTRADAY OUTLOOK
Immediate Support: 119.10
Immediate Resistance: 119.64

RECOMMENDATION:
1. Buy USD/JPY Above 119.66-TG:119.86/120.16 SL 119.36
2. Sell USD/JPY Below 119.08-TG:118.88/118.58 SL 119.38

KLSE Stock Recommendations

MARKET UPDATES :

Maybank has been recognised for the second consecutive year, as the only Malaysian-founded organisation to be listed in the Towers Watson Global High Performing Company Norm.Maybank is placed alongside 26 other globally recognised companies in the internationally acclaimed benchmark for high performing organisations. Organisations are evaluated based on two criteria, namely, superior financial performance, defined by a net profit margin and/or return on invested capital that exceeds industry averages and superior human resource practices, defined by employee opinion scores near the top among the most financially successful companies surveyed by Towers Watson.



STOCK RECOMMENDATION :

BUY PETRONAS CHEM ABOVE 5.330 TARGET 5.360 5.410 SL 5.290

S&P Market News Update

U.S. stocks suffered their worst declines in about two months on Wednesday as a renewed slump in oil prices slammed energy companies while investors fretted that a stunning drop in oil prices signals a more worrisome global-economic slowdown.

The S&P 500 SPX, -1.64%  index fell 33.68 points, or 1.6%, to 2,026.14, its biggest one-day percentage drop since Oct 13.
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Forex Market Update

The dollar surged against rival currencies backed by oil-dependent economies as the commodity plunged to new lows Wednesday.


The dollar USDNOK, -0.02%  traded at 7.17 krone Wednesday afternoon, slightly below a six-year high reached earlier in the session. It traded at 7.11 krone Tuesday afternoon. It USDRUB, +0.00%  hit another record high against the ruble, rising to 54.90, compared to 54.18 Tuesday afternoon.

The dollar USDJPY, +0.35%  fell to 117.99 yen, its lowest level in nine days. It traded at ¥119.40 Wednesday afternoon.

The euro EURUSD, +0.02%  traded at $1.24, holding on to Wednesday’s gains against the dollar.

The ICE U.S. Dollar Index DXY, +0.02% a measure of the greenback’s strength against a trade-weighted basket of six rival currencies, was down 0.49% to 88.26.