skip to main |
skip to sidebar
Asian shares climbed for a third straight day Friday following more advances on Wall Street, while bargain-buying helped oil recover slightly from its latest sell-off.
The euro was also struggling to staunch a sell-off against the dollar, with the European Central Bank expected to unleash a vast easing programme at the same time as the US Federal Reserve plots an interest rate hike.
There was little initial reaction to news that Chinese inflation for December edged up from the previous month but fell well short of the government's target for the full year.
Tokyo rose 0.43 per cent, Hong Kong added 0.90 per cent, Sydney climbed 1.00 per cent and Seoul was up 0.89 per cent. Shanghai, which has clocked up gains of more than 50 per cent over the past year, was 0.57 per cent lower.
MALAYSIA share prices opened higher on Friday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 6.33 points to 1734.61.
Volume was 39.14 million lots worth RM21.6 million.
Gainers outnumbered losers 160 to 33.
MALAYSIAN shares ended higher on Thursday with the Kuala Lumpur Composite Index adding 18.88 points to close at 1,728.06.
Some 1.6 billion lots, valued at RM1.84 billion were traded. Gainers numbered 555 while losers numbered 240.
TRADING TIPS :
USD/JPY up 0.54% to 119.08.Modest gains in Asian equity markets overnight dampened demand for the safe haven yen as investor sentiment recovered following a selloff earlier in the week.The U.S. dollar index, which measures the greenback against a basket of six major currencies, hit nine-year highs of 92.14 and was last at 91.97, supported by weakness in the euro.The Federal Reserve was to publish the minutes of its latest policy meeting later Wednesday, which were expected to provide further indications on the future direction of monetary policy.
INTRADAY OUTLOOK
Support: 118.55
Resistance: 119.37
RECOMMENDATION:
1. Buy USD/JPY Above 119.40-TG: 119.60/119.90 SL 119.10
2. Sell USD/JPY Below 118.53-TG: 118.33/118.03 SL 118.83
INTRADAY OUTLOOK
Immediate Support: 1.1818
Immediate Resistance: 1.1876
RECOMMENDATION:
1. Buy EUR/USD Above -1.1878 TG: 1.1898/1.1928 SL 1.1848
2. Sell EUR/USD Below -1.1815 TG:1.1795/1.1765 SL 1.1845
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
