Thursday 21 June 2012


FKLI

NEW YORK, June 21 (Reuters) - U.S. stocks  posted  the  worst day  in  three  weeks  on   Thursday   on   mounting   evidence  that slowing  manufacturing  growth  worldwide  threatened  corporate profits. Shares   of   energy   and   materials   companies   led   declines   as commodity  prices  fell. The  Dow  Jones  industrial  average  was  down  251.35  points,  the  worst  decline  since  June 1. Stocks' slide was accelerated by Goldman Sachs research call suggesting shorting the S&P 500.


FKLI  opened down at 1599 compared to yesterday's close at 1606.5, reached a low of 1596 and as at 11.30 am, market has since recovered to 1605.


FCPO
Support is still strong due to Ramadhan demand and dry weather affecting soy crop. A shipping executive in Kuala Lumpur tipped palm  oil  shipments  to  reach  1.46  million - 1.50 million tons in June, on higher sales to China, India and Pakistan. However, concern over the US and Euro economy continue to halt recovery. Investors’ mood was further soured after a preliminary gauge of China’s manufacturing activity weakened in June, market participants said.


FCPO September opened down at 2964 compared to yesterday's close at 3000, reached a low of 2946 and as at 12.15 pm has recovered to 2960. Technically, todays trade may be range bound with immediate resistance at 3062 and support around 2940. For a strong recovery, the market will need to break the immediate resistance level. Otherwise, macroeconomic factors will drive the market further down.


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