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MARKET UPDATES :
Hong Leong Investment Bank Research (HLIB Research) has recommended a ‘buy’ call on Tenaga Nasional Bhd (TNB) at a higher target price of RM16. HLIB Research said it has maintained ‘overweight’ call on power sector and upgraded its target price on TNB shares from RM15 to RM16, based on a discounted cash flow to equity valuation, after rolled-forward its valuation up to financial year 2016. “We maintained our ‘overweight’ call on the power sector as the government continued to push through industry transformation and transparency. “
STOCK RECOMMENDATION :
BUY YTL CORP ABOVE 1.620 TARGET 1.660 1.710 SL 1.580
INTERNATIONAL COMMODITY NEWS :
Gold prices eased mildly in Asia on Wednesday as investors continued to eye Greece in the euro zone and await upcoming Federal Reserve minutes for hints on the timing of an interest rate hike widely expected this year.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.11% to $1,217.30 on Wednesday in early Asia.Overnight, gold futures were up for the third consecutive session on Tuesday, as safe-haven demand was boosted amid growing fears that Greece might exit the euro zone.
TRADING STRATEGY :
BUY GOLD ABOVE 1223.5 TARGET 1228.5 1234.5 SL 1217.5
SELL GOLD BELOW 1212 TARGET 1207 1201 SL 1218
U.S. stocks rebounded on Wednesday, highlighted by the S&P 500 recording its first gain in 2015 and snapping a five-day losing streak.
The S&P 500 SPX, +1.16% closed 23.29 points or 1.2%, higher at 2,025.90, with nine of 10 main sectors recording gains. Health care and consumer staples sector stocks led the gains, while telecoms lagged.
The yen fell against the dollar and the euro in Asian trade Thursday, with a recovery in the Nikkei Stock Average inviting selling of the safe-haven Japanese currency.
The dollar USDJPY, +0.54% was at ¥119.84 compared with ¥119.16 late Wednesday in New York. The euro EURJPY, +0.25% was at ¥141.66 from ¥141.01.
The U.S. currency remained rangebound in early Asian trade but started gaining upward momentum as the Nikkei index NIK, +1.67% advanced further mid-morning. With the benchmark index recouping some of its losses earlier this week, the greenback rose to as high as ¥119.82.
The euro EURUSD, -0.28% was at $1.1819 from $1.1840.
The WSJ Dollar Index BUXX, +0.23% , a measure of the dollar against a basket of major currencies, was up 0.07% at 84.18.
Natural gas also for February NGG15, -1.50% retreated 7 cents, or 2.3%, to $2.8710 per million British thermal units – the lowest settlement for a front-month contract since September 2012.
Natural gas futures have declined for 11 out of the past 16 sessions, mostly on warmer-than-usual temperatures in key U.S. heating markets.
