NEW YORK (Reuters) - Stocks rose on Friday after Federal Reserve Chairman Ben Bernanke, expressing "grave concern" for the stagnating U.S. job market, said the central bank was prepared to take further steps to strengthen the economy if necessary. Though Bernanke, speaking in Jackson Hole, Wyoming, dashed some hopes for a signal of quick action, his comments bolstered bets that the central bank was closer to providing more stimulus for an economy that is close to stalling.
Stocks had been flat for much of the week ahead of Bernanke's speech, though expectations of additional stimulus from the Fed helped the market this month. All three indexes posted gains for August. Oil rose above $114 a barrel in volatile trading on Friday, taking gains in August above 9 percent, after U.S. Federal Reserve Chairman Ben Bernanke stopped short of signalling extra monetary easing was imminent but kept the door open for action.
Our local bourse is expected to stage a slight upward bias with the benchmark KLCI testing the immediate resistance level of 1650.
FCPO related news
Malaysian crude palm oil futures inched up on Thursday, recovering from a near 2-week low hit the previous day although traders were cautious ahead of a speech by U.S. Federal Reserve Chairman Ben Bernanke on Friday. Market closed on Friday for the National Day holiday.
Malaysia’s palm oil exports in August rose 18% from the previous month to 1.45 million metric tons, cargo surveyor Intertek Agri Services said Friday. Another surveyor SGS (Malaysia) Bhd., is due to issue August shipment data Monday.
Today’s trend is expected to be upward bias at the beginning of trade due to encouraging export demand for palm oil in August, as reported by cargo surveyor Intertek Agri Services. However, uptrend is likely limited by lack of cues from CBOT soy market because of a public holiday. Today’s trade may range from MYR3,000 – MYR3,060/ton range.
Additional Indicator
Bullish Harami = Potential Rebound ( http://www.bullsa.com/ )
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