Nymex oil scores third week of gains in a row

U.S. crude-oil futures on Friday scored a third straight weekly gain, with prices for the Brent contract marking their highest settlement of the year on the back of spending cuts by oil companies and further declines in the number of active U.S. oil rigs.

Crude for delivery in March CLH5, +2.81%  rose $1.57, or 3.1%, to settle at $52.78 a barrel—up about 2.1% for the week.

Market Closing Update

MALAYSIAN shares closed higher on Friday with the Kuala Lumpur Composite Index gaining 11.88 points to 1,800.95.

Some 1.96 billion lots, valued at RM2.32 billion were traded. Gainers outnumbered losers 493 to 303.

KLSE Stock Recommendations

MARKET UPDATES :

The FBM KLCI index lost 12.17 points or 0.67% on Wednesday. The Finance Index fell 0.07% to 15903.83 points, the Properties Index up 0.25% to 1308.44 points and the Plantation Index rose 0.50% to 8053.55 points. The market traded within a range of 21.28 points between an intra-day high of 1812.08 and a low of 1790.80 during the session.



STOCK RECOMMENDATION :

BUY WELLCALL HOLDING ABOVE 1.975 TARGET 2.025 2.075 SL 1.925

KLSE IForex Recommendations

TRADING TIPS :

GBP/USD was up 0.65% to 1.5334 from 1.5226 ahead of the inflation report.In a change to its forward guidance, the bank said it would now consider cutting interest rates below 0.5% if inflation dips more deeply into negative territory than expected.”The MPC stands ready to take whatever action is needed, as events unfold, to ensure inflation remains likely to return to target in a timely fashion, Carney said.The bank also raised its growth forecast for this year to 2.9% from 2.6% previously and said it also expects growth of 2.9% in 2016. The pound rose to session highs against the dollar on Thursday after the Bank of England said inflation is likely to fall to zero in the first half of this year, but said there was no threat of deflation taking hold in the U.K.





INTRADAY OUTLOOK
Support: 1.5425
Resistance: 1.5485

RECOMMENDATION:
1. Buy GBP/USD Above 1.5488-TG: 1.5508/1.5538 SL 1.5458
2. Sell GBP/USD Below 1.5420-TG: 1.5400/1.5370 SL 1.5450

INTRADAY OUTLOOK

Immediate Support: 1.1320

Immediate Resistance: 1.1380

RECOMMENDATION:

1. Buy EUR/USD Above -1.1382 TG: 1.1402/1.1432 SL 1.1352

2. Sell EUR/USD Below -1.1318 TG:1.1298/1.1268 SL 1.1348

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices gained in Asia on Friday as investors eyed demand from the upcoming Chinese New Year holidays next week. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.25% to trade at $1,223.80 a troy ounce. Overnight, gold extended gains on Thursday, after weaker than expected U.S. retail sales and jobless claims data dampened optimism over the strength of the economic recovery. The U.S. Commerce Department said that retail sales declined by 0.8% last month, worse than expectations for a drop of 0.5%.



TRADING STRATEGY :
BUY GOLD ABOVE 1228.25 TARGET 1233.25 1239.25 SL 1222.25
SELL GOLD BELOW 1218 TARGET 1213 1207 SL 1224