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Asian markets edged up on Wednesday on bargain-hunting, although gains were limited following more losses on Wall Street, while investors await the outcome of a Federal Reserve policy meeting.
Oil prices extended their losses to fresh five-and-a-half-year lows, while the dollar dipped against the yen ahead of the Fed get-together, which is being closely watched for an idea about its plans for interest rates.
Tokyo edged up 0.49 per cent, Hong Kong added 0.12 per cent, Sydney was 0.49 per cent higher, Seoul put on 0.10 per cent and Shanghai tacked on 0.35 per cent.
Global markets have been in turmoil this week owing to concerns about the effects of plunging oil prices on energy firms as well as the Russian economy, which is also straining under the weight of Western sanctions.
MALAYSIA share prices opened lower on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 1.43 points to 1673.04.
Volume was 20.47 million lots worth RM6.09 million.
Losers outnumbered gainers 68 to 55.
MALAYSIAN shares ended lower on Tuesday with the Kuala Lumpur Composite Index slipping 23.37 points to close at 1,673.94.
Some 1.64 billion lots, valued at RM2.1 billion were traded. Gainers numbered 296 while losers numbered 572.
MARKET UPDATES :
Federal Land Development Authority (FELDA) subsidiary, Felda Investment Corporation (FIC), recently acquired Grand Plaza Kensington Hotel in London, in a move to diversify its investment assets. FELDA Group Chairman Tan Sri Mohd Isa Abdul Samad said the acquisition would enable the company to maximise its investment returns for the ultimate benefit of stakeholders. “It marked an important milestone in the company’s history as its first stepping stone in creating a brand name for FELDA with the previously acquired Grand Plaza Serviced Apartments in Bayswater, the hot-spot area among Malaysians visiting London.
STOCK RECOMMENDATION :
BUY FELDA GLOBAL VENTURES ABOVE 2.3900 TARGET 2.4200 2.4600 SL 2.3400
TRADING TIPS :
EUR/USD was down 0.19% at 1.2438.The Federal Reserve reported earlier that industrial production rose by 1.3% in November, beating expectations for a gain of 0.7%.Industrial production for October was revised up to 0.1% from a previously reported decline of 0.1%.The report added that the capacity utilization rate, a measure of how full firms are using their resources, rose to 80.1% last month from an upwardly revised 79.3% in October, beating market calls for an unchanged reading.The data boosted demand for the dollar on expectations that the Federal Reserve will tighten monetary policy next year.The Federal Reserve is due to release its latest statement on interest rates and monetary policy on Wednesday, and expectations the statement will contain language describing a more robust U.S. economy firmed the dollar, which shrugged off a soft regional factory gauge.
INTRADAY OUTLOOK
Support: 1.2410
Resistance: 1.2468
RECOMMENDATION:
1. Buy EUR/USD Above 1.2470-TG:1.2490/1.2520 SL 1.2440
2. Sell EUR/USD Below 1.2408-TG:1.2388/1.2358 SL 1.2438
INTRADAY OUTLOOK
Immediate Support: 117.43
Immediate Resistance: 118.00
RECOMMENDATION:
1. Buy USD/JPY Above 118.02-TG:118.22/118.52 SL 117.72
2. Sell USD/JPY Below 117.45-TG:117.65/117.95 SL 117.15
