KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Oil prices dipped in early Asian trade on Monday after much of the region returned from the Lunar New Year holiday, with Brent futures testing support around $60 a barrel and U.S. contracts hovering around $50.50.Following a steep fall from June 2014 to six-year lows, oil prices have recovered around a third of their value since mid-January, with benchmark Brent contracts jumping almost $20 a barrel to $63 a barrel last week as traders closed long-standing short positions in reaction to a falling U.S. rig count.”U.S. crude oil prices slipped, as markets finally digested another rise in U.S. crude inventories, which offset another week of oil rig count declines,” ANZ bank said on Monday. Benchmark Brent crude futures were trading at $60.07. at 0100 GMT, down 10 cents from their last settlement, while U.S. WTI crude was down 20 cents at $50.61 a barrel. Although both U.S. WTI and international Brent prices dipped in the past week, American contracts have fallen more sharply largely in response to the record inventories.



TRADING STRATEGY :

BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203

Current Market Update

Here are the latest trading levels for Asia's major stock markets: 

Tokyo (Nikkei Average NIK, +0.56% ) up 0.6% 

 Hong Kong (Hang Seng Index HSI, -0.03% ) flat (at break) 

 Shanghai (Shanghai Composite Index SHCOMP, +0.76% ) closed for holiday 

 Sydney (S&P/ASX 200 XJO, +0.45% ) up 0.4% 

 Seoul (Kospi SEU, +0.33% ) up 0.4% 

 Mumbai (Sensex 1, +0.28% ) up 0.2% 

 Taipei (Taiex Y9999, +0.35% ) closed for holiday

Asian Market Update

Asian stocks were mostly higher on Monday morning as investors cheered a last-minute deal to extend Greece's bailout by four months, giving Athens a lifeline to pay its bills and avoid a damaging default.

Tokyo led the charge with the benchmark Nikkei extending a 15-year high as it rose 0.81 per cent by the break, while Sydney was up 0.52 per cent, Wellington added 0.11 per cent, and Seoul climbed 0.41 per cent. Hong Kong fell 0.53 per cent.

Exchanges in Taiwan and mainland China are closed for the Lunar New Year holiday.

Asian shares picked up on a strong lead from Wall Street which bolted to fresh records Friday after the eurozone conditionally gave Greece the four-month debt bailout extension, easing worries over its future in the eurozone.

KLSE Malaysia Opening Market Update

MALAYSIA share prices opened higher on Monday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 3.14 points to 1,811.01.

Volume was 80.45 million lots worth RM13.66 million.

Gainers outnumbered losers 107 to 57.

Euro rises after Greek debt accord

The euro closed higher against the dollar Friday, but finished lower on the week, after the Eurogroup announced it had agreed to a four-month extension of Greece’s bailout.

The shared currency EURUSD, +0.11% traded at $1.1377, down from its session high of $1.1430. It had traded at $1.1369 Thursday. Greece’s bailout agreement is set to expire on Feb. 28. The shared currency recorded a 0.1% weekly loss against the U.S. dollar.

The ICE U.S. Dollar Index DXY, -0.09% a measure of the dollar’s strength against a trade-weighted basket of six currencies, finished lower for the fourth week in a row. The index was down 0.05% to 94.3490.

The dollar USDJPY, +0.04%   finished the session at 119 yen, unchanged from Thursday’s close, because of the market’s focus on Greece Friday, rather than the U.S. economy.

The pound GBPUSD, -0.11%  traded at $1.5399, compared with $1.5417 Thursday.