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Hong Kong and Shanghai markets led a broad Asian sell-off on Thursday after China set tepid 2015 economic and trade growth targets, while the euro struggled to recover from 11-year lows ahead of a key European Central Bank meeting.
Wall Street provided a negative lead again despite an upbeat report on the state of the US economy and another round of healthy private-sector jobs growth.
Hong Kong fell 0.78 per cent and Shanghai lost 0.56 per cent, while Sydney slipped 0.26 per cent.
MALAYSIA share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 5.88 points to 1819.66.
Volume was 32.04 million lots worth RM10.2 million.
Losers outnumbered gainers 74 to 65.
MALAYSIAN shares ended higher on Wednesday with the Kuala Lumpur Composite Index adding 4.29 points to close at 1,825.54.
Some 2.12 billion lots, valued at RM2.16 billion were traded. Gainers numbered 345 while losers numbered 473.
TRADING TIPS :
GBP/USD hit 1.5398 during European morning trade, the session high; the pair subsequently consolidated at 1.5371.U.K. construction purchasing managers’ index increased to 60.1 last month from a reading of 59.1 in January. Economists had expected the index to tick down to 59.0 in February. “Housing, commercial and civil engineering activity all expanded at the quickest rates since last October, helped by sharp rises in new business volumes and an improving economic backdrop.”The dollar had rallied broadly on Monday after data showed that U.S. manufacturing activity continued to expand in February supported expectations for higher interest rates.
INTRADAY OUTLOOK
Support: 1.5337
Resistance: 1.5394
RECOMMENDATION:
1. Buy GBP/USD Above 1.5396-TG: 1.5416/1.5446 SL 1.5366
2. Sell GBP/USD Below 1.5335-TG: 1.5315/1.5285 SL 1.5365
INTRADAY OUTLOOK
Support: 1.1148
Resistance: 1.1187
RECOMMENDATION:
1. Buy EUR/USD Above 1.1189-TG: 1.1209/1.1239 SL 1.1159
2. Sell EUR/USD Below 1.1146-TG: 1.1126/1.1096 SL 1.1176
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
