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Asian markets rallied on Thursday with investors rushing back after a recent sell-off, spurred by a Wall Street recovery and an indication from the US Federal Reserve that interest rates will not likely rise until mid-2015.
While bank policymakers were reticent to give a firm date, their language indicated a change in tack, which analysts said suggested a rise in the first six months of the year. That lit a fire under the dollar.
Easing concerns about Russia's economy and a pick-up in oil prices also provided support to regional shares, with bargain-buyers making their move.
Tokyo surged 2.37 per cent as the greenback advanced against the dollar.
MALAYSIA share prices opened higher on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 6.82 points to 1688.03.
Volume was 59.71 million lots worth RM24.46 million.
Gainers outnumbered losers 197 to 33.
MALAYSIAN shares ended higher on Wednesday with the Kuala Lumpur Composite Index adding 7.96 points to close at 1,681.9.
Some 1.94 billion lots, valued at RM2.06 billion were traded. Gainers numbered 648 while losers numbered 257.
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MARKET UPDATES :
Share prices on Bursa Malaysia ended lower today on selling pressure, sparked by the continuous fall in oil prices, reduced demand and slower global growth,
The Malaysian rubber market closed higher for the second consecutive day today, despite a stronger ringgit, lower crude oil prices and weaker performance of the regional futures, a dealer said.
STOCK RECOMMENDATION :
SELL ASTRO MALAYSIA BELOW 2.840 TARGET 2.800 2.720 SL 2.880
INTERNATIONAL COMMODITY NEWS :
Gold prices eased in Asia on Wednesday with investors focused on the results of a Federal Reserve meeting later in the day that might shift language on the outlook for interest rates. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,195.40 a troy ounce, down 0.13%, after hitting an overnight session low of $1,188.00 and off a high of $1,223.80. Overnight, gold futures dropped on Tuesday after investors shrugged off disappointing housing data that would have otherwise boosted prices and jumped to the sidelines ahead of the Federal Reserve’s statement on interest rates and monetary policy due out Wednesday.
TRADING STRATEGY :
BUY GOLD ABOVE 1200 TARGET 1205 1211 SL 1194
SELL GOLD BELOW 1193 TARGET 1188 1182 SL 1199
