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Here are the latest trading levels for Asia's major stock markets:
Tokyo (Nikkei Average NIK, +0.44% ) up 0.5%
Hong Kong (Hang Seng Index HSI, +0.19% ) closed for holiday
Shanghai (Shanghai Composite Index SHCOMP, +0.76% ) closed for holiday
Sydney (S&P/ASX 200 XJO, -0.24% ) down 0.2%
Seoul (Kospi SEU, +0.16% ) closed for holiday
Mumbai (Sensex 1, +0.39% ) up 0.5%
Taipei (Taiex Y9999, +0.35% ) closed for holiday
MALAYSIA share prices closed lower on Wednesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 2.22 points to 1,807.87.
Volume was 897 million lots worth RM887.4 million.
Gainers outnumbered losers 381 to 276.
TRADING TIPS :
GBP/USD hit 1.5337 during European morning trade, the session low; the pair subsequently consolidated at 1.5349, slipping 0.10%.In a report, the U.K. Office for National Statistics said the rate of consumer price inflation decelerated to 0.3% last month from 0.5% in December, broadly in line with market expectations. Month-over-month, consumer price inflation declined 0.9% in January, compared to expectations for a drop of 0.8% and after holding flat in December.Bank of England Governor Mark Carney will now have to write an open letter to the Chancellor of the Exchequer, George Osborn, as inflation is more than a percentage point below the central bank’s target of 2.0%.
INTRADAY OUTLOOK
Support: 1.5337
Resistance: 1.5400
RECOMMENDATION:
1. Buy GBP/USD Above 1.5402-TG: 1.5422/1.5452 SL 1.5372
2. Sell GBP/USD Below 1.5335-TG: 1.5315/1.5285 SL 1.5365
INTRADAY OUTLOOK
Immediate Support: 1.1392
Immediate Resistance: 1.1467
RECOMMENDATION:
1. Buy EUR/USD Above -1.1469 TG: 1.1489/1.1519 SL 1.1439
2. Sell EUR/USD Below -1.1390 TG:1.1370/1.1340 SL 1.1420
MARKET UPDATES :
The FBM KLCI index gained 1.20 points or 0.07% on Tuesday. The Finance Index increased 0.01% to 15997.92 points, the Properties Index up 0.23% to 1316.85 points and the Plantation Index down 0.90% to 8112.03 points. The market traded within a range of 6.38 points between an intra-day high of 1810.90 and a low of 1804.52 during the session.
STOCK RECOMMENDATION :
BUY CARIMIN PETR-O AT 1.000 TARGET 1.050 1.100 SL 0.940
INTERNATIONAL COMMODITY NEWS :
Crude oil prices fell in early Asia on Wednesday in holiday-thinned trade for the Lunar New Year and as closely watched data on U.S. supplies may be further delayed. On the New York Mercantile Exchange, crude oil for delivery in April fell 0.20% to trade at $53.87 a barrel. A snow storm closed U.S. Federal government offices in Washington on Tuesday. That may further delay data from industry group, the American Petroleum Institute, on U.S. supplies of crude and refined products that is normally released on Tuesday. As well, more closely watched data from the U.S. Department of Energy has also been delayed from its normal Wednesday release. Industry research group Baker Hughes (NYSE:BHI) said that the number of rigs drilling for oil in the U.S. fell by 84 last week to 1,056, the lowest since August 2011.
TRADING STRATEGY :
BUY GOLD ABOVE 1210 TARGET 1215 1221 SL 1204
SELL GOLD BELOW 1203 TARGET 1198 1192 SL 1209
