Oil tumbles after OPEC cuts demand forecasts

Crude-oil futures fell further on Thursday after the Organization of the Petroleum Exporting Countries cut demand forecasts for its oil and investors worried about the health of the eurozone’s economy.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, -0.41%   fell 77 cents, or 1%, to settle at $77.91 a barrel.

December Brent crude LCOZ4, -0.56%  on London’s ICE Futures exchange fell 9 cents, or 0.1%, to $82.86 a barrel.

Current Market Update

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

Tokyo (Nikkei Average) up 0.5% 

 Hong Kong (Hang Seng Index) up 0.3% 

 Shanghai (Shanghai Composite Index) up 0.6% (at break) 

 Sydney (S&P/ASX 200) up 0.6% 

 Seoul (Kospi) flat 

 Mumbai (Sensex) down 0.1% Taipei (Taiex) up 0.3%

Asian Market Update

Asian markets were broadly higher Friday following another record close on Wall Street, while the Nikkei resumed its surge as a brief rally in the yen fizzled out.

Traders were also buoyed by comments from the head of the European Central Bank that it was ready to widen its stimulus programme to support the eurozone economy.

Tokyo rose 0.74 per cent a day after easing for the first time this week on profit-taking. The index has soared more than 10 per cent since last Wednesday, helped by the Bank of Japan's surprise announcement that it will widen its own monetary base.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices were hovering near four-year lows in early European trade on Monday, as Friday’s upbeat U.S. economic reports and the Bank of Japan’s surprise move to add stimulus measures boosted the dollar and dampened demand for the precious metal. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,171.10 a troy ounce during European morning trade, down 0.04%. The December contract settled 2.25% lower on Friday to end at $1,171.6 a troy ounce.



TRADING STRATEGY :

BUY GOLD ABOVE 1166 TGT 1170,1175 SL 1161
SELL GOLD BELOW 1162 TGT 1158,1153 SL 1167

KLSE Stock Recommendations

MARKET UPDATES :

Bursa Malaysia ended on an easier note today, with the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closing 8.07 points or 0.44 per cent lower at 1,839.29, dampened by profit taking in index-linked heavyweights. The key index moved between 1,837.72 and 1,845.08 throughout the day. Of the component stocks, 20 fell, six rose and four were unchanged. On the broader market, decliners outpaced gainers by 576 to 251, with 288 counters unchanged, 532 counters untraded and 11 others suspended.

STOCK RECOMMENDATION :

BUY CIMB GROUP ABOVE 6.420 TG 6.480, 6.560, 6.660 SL 6.320