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Asian markets mostly sank again on Thursday after Wall Street was hit by a further fall in oil prices, while the dollar edged up after tumbling against the yen.
Analysts said traders were taking their cash off the table before the end of the year after enjoying a surge over the past few weeks that has been supported by strong US data, Japanese easing measures and hopes for stimulus in China.
Tokyo tumbled 1.54 per cent, Hong Kong sank 1.40 per cent, Sydney shed 0.58 per cent and Seoul lost 0.85 per cent but Shanghai added 0.20 per cent.
In New York the Dow and S&P 500, which last week ended at record highs, retreated owing to a pullback in petroleum plays that came after OPEC lowered its demand forecast for 2015 and the US revealed its stockpiles surged.
MALAYSIA share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 14.91 points to 1750.61.
Volume was 47.97 million lots worth RM18.46 million.
Losers outnumbered gainers 198 to 37.
MALAYSIAN shares ended higher on Wednesday with the Kuala Lumpur Composite Index adding 27.42 points to close at 1,765.52.
Some 1.21 billion lots, valued at RM1.61 billion were traded. Gainers numbered 502 while losers numbered 281.
MARKET UPDATES :
RHB Research is upbeat on Sunway Bhd’s continuous effort in unlocking its asset values.”Sunway announced its proposed disposal of Sunway Hotel Georgetown (RM74 million) and Wisma Sunway (RM60 million), worth a combined value of RM134 million, to Sunway REIT.”The four-star hotel has 250 rooms, the office has an net letatble area (NLA) of 172,000 square feet. The disposal will likely be completed in late Q2 2015
STOCK RECOMMENDATION :
BUY PETRONAS CHEML ABOVE 5.140 TARGET 5.170 5.210 5.260 SL 5.090
TRADING TIPS :
EUR/USD hit 1.2367 during European late morning trade, the pair’s highest since December 5; the pair subsequently consolidated at 1.2361, gaining 0.38%.Official data earlier showed that Germany’s trade surplus widened to €20.6 billion in October from €18.6 billion in September, whose figure was revised up from a previously estimated trade surplus of €18.5 billion. Analysts had expected the trade surplus to widen to €19.2 billion in October.The report came a day after data showed that German industrial production rose just 0.2% in October, while September’s figure was revised down to 1.1% from 1.4% previously.The data had fuelled concerns over the outlook for fourth quarter growth.
INTRADAY OUTLOOK
Support: 1.2318
Resistance: 1.2380
RECOMMENDATION:
1. Buy EUR/USD Above 1.2382-TG:1.2402/1.2432 SL 1.2352
2. Sell EUR/USD Below 1.2315-TG:1.2295/1.2265 SL 1.2345
INTRADAY OUTLOOK
Immediate Support: 119.66
Immediate Resistance: 120.22
RECOMMENDATION:
1. Buy USD/JPY Above 120.25-TG:120.45/120.75 SL 120.05
2. Sell USD/JPY Below 119.64-TG:119.44/119.14 SL 119.94
