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The euro slipped in Asian trade Thursday while most equity markets sank after talks between Greece and its European creditors on restructuring the country's bailout broke up without agreement.
Japanese investors bucked the regional trend, lifting the Tokyo market as the yen retreated against the dollar thanks to investors betting on the US Federal Reserve hiking interest rates by the middle of the year.
Japan's Nikkei, which was closed Wednesday for a public holiday, rallied 1.78 per cent.
However, Hong Kong lost 0.16 per cent, Shanghai fell 0.18 per cent and Seoul dipped 0.44 per cent.
MALAYSIA share prices opened lower on Thursday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 8.26 points to 1790.69.
Volume was 21.34 million lots worth RM28.66 million.
Losers outnumbered gainers 78 to 68.
U.S. stocks rallied at the end the day Tuesday, sending the benchmark S&P 500 to its highest close this year, during what was another characteristically volatile day for equities.
The S&P 500 SPX, +1.07% closed 21.84 points, or 1.1%, higher at 2,068.58 and turned positive for the year. Nine of the 10 main sectors finished higher, while energy-sector stocks ended with modest losses, following a drop in oil prices.
MARKET UPDATES :
The FBM KLCI index lost 0.46 points or 0.03% on Tuesday. The Finance Index increased 0.23% to 15915.65 points, the Properties Index dropped 0.28% to 1305.23 points and the Plantation Index down 0.06% to 8013.23 points. The market traded within a range of 7.93 points between an intra-day high of 1816.62 and a low of 1808.69 during the session.
STOCK RECOMMENDATION :
BUY SAPURA KENCANA ABOVE 2.935 TARGET 2.985 3.085 SL 2.875
INTERNATIONAL COMMODITY NEWS :
Gold prices held mostly flat on Wednesday in Asia with Greece firmly in focus and China data ahead.Greece’s Parliament approved the government’s economic plan in a vote late Tuesday that sets up a showdown with country’s international creditors beginning this week in Brussels.With 162 ‘yes’ votes against 137 ‘nos’ with one absentee lawmaker, Prime Minister Alexis Tsipras earned approval for a plan that rolls back many of the austerity measures agreed by the former government of Antonis Samaras.
TRADING STRATEGY :
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234
SELL GOLD BELOW 1228 TARGET 1223 1217 SL 1234
