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MARKET UPDATES :
The FBM KLCI index gained 1.52 points or 0.08% on Monday. The Finance Index fell 0.25% to 15871.39 points, the Properties Index up 0.22% to 1323.1 points and the Plantation Index rose 0.26% to 8105.72 points. The market traded within a range of 7.80 points between an intra-day high of 1812.75 and a low of 1804.95 during the session.
STOCK RECOMMENDATION :
BUY ONLY WORLD AT 1.550 – 1.560 TARGET 1.610 1.700 SL 1.470
INTERNATIONAL COMMODITY NEWS :
Gold prices rose slightly in early Asia on Tuesday with China markets set to re-open on Wednesday and Greece still to turn over its list of reforms needed to secure further euro zone loans. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.14% to trade at $1,203.10. Overnight, Gold futures turned higher on Monday to reclaim the key $1,200-level, after data showed that U.S. existing home sales fell more than expected in January to hit the lowest level in nine months, dampening optimism over the health of the housing market. The National Association of Realtors said earlier that existing home sales decreased 4.9% to 4.82 million units last month from 5.07 million in December. Analysts had expected existing home sales to fall 0.8% to 4.97 million units in January.
TRADING STRATEGY :
BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197.50 TARGET 1192.50 1186.50 SL 1203.50
The euro fell against the dollar Monday, as the initial enthusiasm for Greece’s bailout extension gave way to anxiety that debt problems may have been delayed rather than resolved.
The shared currency EURUSD, +0.04% recovered somewhat from the day’s low to trade at $1.1334, up from a session low of $1.1295, but down from around $1.1378 late Friday in New York.
The dollar USDJPY, +0.20% bought 118.84 yen, down a touch from ¥119.07 late Friday in New York.
The pound GBPUSD, -0.07% gained against the dollar, rising to $1.5460 from $1.5399 late Friday ahead of Bank of England Governor Mark Carney’s remarks at a Treasury select committee hearing Tuesday.
The ICE U.S. Dollar Index DXY, +0.05% gained 0.32% to 94.5610.
U.S. stocks ended Monday’s choppy session roughly where they started it, as a late-afternoon rebound helped pare early losses.
The S&P 500 SPX, -0.03% closed flat at 2,109.66. Monday’s trade was skewed toward defensive plays, as investors preferred utilities and health-care stocks, while staying away from telecoms, energy and consumer discretionary companies.
March copper HGH5, -0.48% settled little changed at $2.593 a pound.
April platinum PLJ5, +0.41% lost $6.60 to $1,162.90 an ounce.
March palladium PAH5, +0.20% added $6.75 to $785.95 an ounce.
