Oil futures score first weekly gain in over a month

Crude-oil futures rallied Friday as a drop in the U.S. dollar and another decline in U.S. rig counts helped prices score their first weekly gain in five weeks.

April CLJ5, +4.34% which expired at the close Friday, settled at $45.72 a barrel, up $1.76, or 4%. Crude for May CLK5, +2.02%  delivery, which became the front month, tacked on $1.04, or 2.3%, to $46.57 a barrel.

Gold scores a gain of nearly 3% for the week

Gold futures climbed for a third straight session on Friday to tally a weekly gain of nearly 3% as a sharp drop in the U.S. dollar buoyed investment demand.

Gold for April delivery GCJ5, +1.09%  on Comex rose $15.60, or 1.3%, to settle at $1,184.60 an ounce. Prices scored weekly gain of 2.8%, based on the most-active contracts. They settled at their highest level since March 5.

Market Closing Update

MALAYSIAN shares ended lower on Friday with the Kuala Lumpur Composite Index slipping 5.48 points to close at 1,803.65.

Some 2.12 billion lots, valued at RM3.14 billion were traded. Gainers numbered 325 while losers numbered 471.

KLSE Stock Recommendations

MARKET UPDATES :
The FBM KLCI index gained 9.70 points or 0.54% on Wednesday. The Finance Index fell 0.05% to 15905.19 points, the Properties Index up 0.00% to 1300.85 points and the Plantation Index rose 0.05% to 7732.84 points. The market traded within a range of 13.06 points between an intra-day high of 1800.83 and a low of 1787.77 during the session.

STOCK RECOMMENDATION :

BUY WELLCALL HLDNG AT 1.990 – 1.995 TARGET 2.050 2.150 SL 1.900

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Brent prices rebounded towards $55 a barrel on Friday as the dollar weakened, but gains were limited by supply concerns after Kuwait said OPEC had no choice but to maintain output levels. High inventory in the United States, the world’s largest oil consumer, also dragged on prices. Brent crude for May delivery had risen 16 cents to $54.59 a barrel by 0220 GMT. The contract is flat for the week, after falling in the two previous weeks.



TRADING STRATEGY :
BUY GOLD ABOVE 1174 TARGET 1179 1185 SL 1168
SELL GOLD BELOW 1166 TARGET 1161 1155 SL 1172