skip to main |
skip to sidebar
Asian equity markets turned lower on Tuesday after a gauge of Chinese manufacturing plunged to an 11-month low in March, while the euro was boosted by hopes of a breakthrough in Greece's bailout talks with Germany.
Comments from the US Federal Reserve's vice chairman suggesting interest rates would rise slower than expected put further downward pressure on the dollar.
Shanghai - which rose Monday for a ninth straight session to a near seven year high - sank 0.60 per cent, while Hong Kong lost 0.33 per cent.
Tokyo shed 0.19 per cent and Seoul was 0.11 per cent lower. Sydney was flat.
MALAYSIA share prices opened higher on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up 2.90points to 1,798.75
Volume was about 49 million lots worth RM18 million.
Gainers outnumbered losers 93 to 46.
The dollar was down slightly in a rangebound Asia trade Monday, with a lack of fresh cues in the market to lure investors.
The dollar was at ¥119.92, compared with ¥120.03 late Friday in New York.
The euro EURUSD, +0.06% was at $1.0808 from $1.0823, while the common currency EURJPY, -0.05% was also at ¥129.61 from ¥129.93.
The WSJ Dollar Index BUXX, +0.02% a measure of the dollar against a basket of major currencies, was down 0.07% at 87.35.
TRADING TIPS :
GBP/USD hit 1.4723 during European morning trade, the session low; the pair subsequently consolidated at 1.4749.Cable was likely to find support at 1.4631, the low of March 18 and a nearly five-year low and resistance at 1.4853, the high of March 16.The pound held steady against the U.S. dollar on Friday, after positive U.K. public sector borrowing data, while sentiment on the greenback remained vulnerable after the Federal Reserve’s latest policy statement.In a report, the U.K. Office for National Statistics said that public sector net borrowing rose by £6.22 billion in February, less than the expected increase of £7.70 billion. January’s figure was revised to a £8.93 billion drop from a previously estimated decline of £9.41 billion.
INTRADAY OUTLOOK
Support: 1.4930
Resistance: 1.4990
RECOMMENDATION:
1. Buy GBP/USD Above 1.4992-TG: 1.5012/1.5042 SL 1.4962
2. Sell GBP/USD Below 1.4928-TG: 1.4908/1.4878 SL 1.4958
INTRADAY OUTLOOK
Support: 1.0780
Resistance: 1.0860
RECOMMENDATION:
1. Buy EUR/USD Above 1.0862-TG: 1.0882/1.0912 SL 1.0832
2. Sell EUR/USD Below 1.0778-TG: 1.0758/1.0728 SL 1.0808
MARKET UPDATES :
The FBM KLCI index lost 5.48 points or 0.30% on Friday. The Finance Index fell 0.40% to 15968.45 points, the Properties Index up 0.00% to 1303.7 points and the Plantation Index down 0.11% to 7802.05 points. The market traded within a range of 8.16 points between an intra-day high of 1806.90 and a low of 1798.74 during the session.
STOCK RECOMMENDATION :
BUY KESM INDUSTRIES AT 2.790 – 2.800 TARGET 2.850 2.950 SL 2.720
