skip to main |
skip to sidebar
MARKET UPDATES :
The FBM KLCI index gained 4.12 points or 0.23% on Tuesday. The Finance Index increased 0.44% to 16101.18 points, the Properties Index dropped 0.48% to 1326.69 points and the Plantation Index rose 0.14% to 7973.57 points. The market traded within a range of 7.85 points between an intra-day high of 1825.79 and a low of 1817.94 during the session.
STOCK RECOMMENDATION :
BUY COCOA LAND AT 1.965 – 1.970 TARGET 2.020 2.100 SL 1.900
INTERNATIONAL COMMODITY NEWS :
Prices for gold futures fell precipitously on Tuesday, as the U.S. Dollar Index reached its highest level in more than 11 years. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell $5.00 or 0.41% to $1,203.20 a troy ounce, as future prices wavered on a see-saw day of trading. Prices fell below a seven-week low of $1,195 an ounce during European trading, before rebounding to near $1,215 during early trading on U.S. markets. Gold prices then plunged shortly ahead of Benjamin Netanyahu’s address in front of Congress, before remaining steady during the Israeli prime minister’s speech.
TRADING STRATEGY
BUY GOLD ABOVE 1208 TARGET 1213 1219 SL 1202
SELL GOLD BELOW 1201 TARGET 1196 1190 SL 1207
U.S. stocks declined on Tuesday, retreating from all-time highs and the psychologically significant 5,000 level for the Nasdaq reached on Monday.
The S&P 500 SPX, -0.45% lost 9.61 points, or 0.5%, to close at 2,107.78, with eight of its main 10 sectors closing lower. A jump in oil prices lifted energy stocks, putting a lid on losses in the index.
The dollar inched lower against key rivals Tuesday after strong data out of Europe and the U.K. implied that economic growth in the rest of the world is beginning to catch up to the U.S.
The euro EURUSD, -0.07% traded at $1.1175, compared with $1.1183 Monday evening, while the pound GBPUSD, -0.07% traded at $1.5363, compared with $1.5359.
The dollar USDJPY, +0.01% also drifted lower against the yen, trading at ¥119.70, compared with ¥120.14.
The ICE U.S. Dollar Index DXY, +0.11% a measure of the dollar’s strength against six of its largest trading partners, was down 0.06% on the day to 95.4090.
April platinum PLJ5, -0.38% shed 30 cents to $1,189.60 an ounce.
June palladium PAM5, -0.51% rose 55 cents to $831.65 an ounce.
May copper HGK5, +0.26% fell 4.1 cents to $2.657 a pound.
