Asian Market Update

Asian markets mostly rose in early trade Wednesday as hopes grew for a breakthrough from crucial meetings at which Greece will try to convince its European creditors to renegotiate terms of its bailout.

Dealers were given a positive lead from New York and Europe, even after Greece's combative leaders vowed not to bow to German-led pressure to complete an austerity-laden agreement, leading to fears Athens will default and exit the eurozone.

Hong Kong was 0.65 per cent higher, Seoul added 0.47 per cent, Shanghai put on 0.20 percent and Taipei gained 0.69 per cent while Sydney eased 0.62 per cent.

Market Closing Update

Malaysian shares closed lower on Tuesday with the Kuala Lumpur Composite Index slipping 0.46 points to 1,811.12.

Some 2.47 billion lots, valued at RM2.29 billion were traded. Losers outnumbered gainers 434 to 373.

KLSE IForex Recommendations

TRADING TIPS :

GBP/USDhit 1.5221 during European morning trade, the session low; the pair subsequently consolidated at 1.5233. The dollar remained supported after the Labor Department reported on Friday that the U.S. economy added 257,000 jobs in January, far more than the 234,000 forecast by economists. December’s figure was revised to 329,000 from a previously reported 252,000.The unemployment rate ticked up to 5.7% last month from December’s 5.6% hourly earnings and the participation rate both saw increases in January.The upbeat jobs report was seen as strong enough to indicate that the Federal Reserve will remain on track to start raising rates from near zero levels as early as June.




INTRADAY OUTLOOK
Support: 1.5186
Resistance: 1.5266

RECOMMENDATION:
1. Buy GBP/USD Above 1.5268-TG: 1.5288/1.5318 SL 1.5238
2. Sell GBP/USD Below 1.5184-TG: 1.5164/1.5134 SL 1.5214

INTRADAY OUTLOOK

Immediate Support: 1.1278

Immediate Resistance: 1.1337

RECOMMENDATION:

1. Buy EUR/USD Above -1.1339 TG: 1.1359/1.1389 SL 1.1309

2. Sell EUR/USD Below -1.1276 TG:1.1256/1.1226 SL 1.1306

KLSE Stock Recommendations

MARKET UPDATES :

The FBM KLCI index lost 1.67 points or 0.09% on Monday. The Finance Index increased 0.14% to 15878.68 points, the Properties Index up 0.11% to 1308.86 points and the Plantation Index down 0.06% to 8018.28 points. The market traded within a range of 13.15 points between an intra-day high of 1818.31 and a low of 1805.16 during the session.




STOCK RECOMMENDATION :

BUY TIME DOTCOM ABOVE 5.585 TARGET 5.625 5.675 SL 5.525

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Crude oil prices fell on Tuesday in Asia after weak Chinese price data even after speculation that there is a stronger case for further monetary easing by Beijing.On the New York Mercantile Exchange, crude oil for delivery in March fell 0.98% to $52.34 a barrel. Later Tuesday, the American Petroleum Institute will release data on U.S. crude and product inventories last week as a sign post to more closely watched figures from the U.S. Department of Energy due Wednesday. China’s January CPI rose 0.8%, below the 1.0% expected year-on-year, while PPI data eased 4.3%, compared to a fall of 3.8% year-on-year expected, the steepest drop since October 2009.



TRADING STRATEGY :

BUY GOLD ABOVE 1246 TAREGT 1251 1257 SL 1240
SELL GOLD BELOW 1237 TARGET 1232 1226 SL 1243