FKLI related news

NEW YORK (Reuters) - Stocks fell on Tuesday after the S&P 500 hit its highest level in four years as the benchmark index faced technical resistance and traders cashed in recent gains.

The S&P 500 index hit 1,426.68, its highest intraday rise since May 2008. Volume has been light, as expected in August, and only three of the past 12 sessions have seen moves of 0.25 percent or more by the S&P.

Stocks rose early in the session and the euro rallied to a seven-week high against the U.S. dollar, bolstered by talk that the European Central Bank will act to lower Spanish and Italian borrowing costs. Bets on action from central banks in support of their stalling economies have helped move stocks higher.

However, U.S. stocks lost momentum after the first hour as traders took profits. The slow but steady climb over the past six weeks was partly due to better-than-expected data, including payrolls, retail sales and housing numbers that countered a previous string of disappointments.

0919 GMT [Dow Jones] Malaysia shares end flat at 1649.79 after rising to a new record high of 1654.53 earlier as investors book profits on select blue chips. "Sentiment is still fairly buoyant, thanks to positive comments from the German Chancellor and expectations that major central banks will step in to aid global economy," says a local dealer; she tips the benchmark index to trade in a 1640-1655 band next week.

FCPO Related News

Crude palm oil futures on Malaysia’s derivatives exchange fell to a 10-month low again Tuesday, weighed by rising stockpiles and lower soyoil values as favorable weather forecasts for the soy crop raised the prospects of improving yields.

Weather forecaster Meteorlogix said in a daily report that scattered rain and lower temperatures will aid the soybean crop in the U.S. Midwest over the next five days.

The benchmark October contract at Bursa Malaysia Derivatives ended 0.5% lower at 2,858 ringgits a ton, after falling as much as 1.8% to MYR2,820/ton, the lowest since Oct. 18.

"Sentiment is weak as investors are concerned about commodity demand amid worries about the global economy and peak palm oil production [period] in Southeast Asia," a Singapore-based trading executive at a vegoil exporting firm said. He added that investors may add short positions and drag palm oil toward MYR2,800/ton this week as export demand for the first half of August is widely expected to remain weak. Cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. are scheduled to issue Aug. 1-15 export estimates Wednesday.  

However, not all are bearish on the market. Some analysts said palm oil's sizeable price discount to rival soyoil could support palm prices in the near term, while major vegoil importer India will likely build up stocks in coming weeks on weather concerns and ahead of its September-November festival season, boosting demand. "Palm oil is showing subtle signs of bottoming out, as consumer demand is slowly creeping back into the market," S. Paramalingam, executive director at Pelindung Bestari Sdn. Bhd., said.  (Dow Jones)

The palm oil export figures report on Aug 15th will be watched as further correction is likely to occur if the export figures continue to deteriorate. For today, pivot support level for the benchmark Oct is located around 2,806 while resistance is pegged at 2,872.

FKLI Related News

Wall Street stocks ended little changed on Tuesday after early gains supported by stronger-than-expected U.S. retail sales numbers faded, while oil prices rose on tepid growth data in Europe that underpinned hopes for fresh  monetary stimulus.

Both Home Depot's earnings and the retail data, which showed retail sales rose for the first time in four months, come after recent housing and jobs numbers lifted hopes that a slowdown in the economy may only be temporary.

Asian markets rose Tuesday as investors continued to hope global central banks will provide stimulus to support growth, with Hong Kong stocks extending gains in afternoon trading in response to better-than-expected economic data from Europe.

The Dow Jones industrial average gained 37.28 points, or 0.28 percent, to 13,206.71. The Standard & Poor's 500 Index rose 4.40 points, or 0.31 percent, to 1,408.51. The Nasdaq Composite Index added 10.27 points, or 0.34 percent, to 3,032.79.

The KLCI ended Tuesday up 0.4% at a record high of 1652.90. Today’s Support is around 1647 and Resistance is around 1655.

FKLI Related News

NEW YORK (MarketWatch) — U.S. stocks erased Friday losses to tally their fifth week of gains, sending the S&P 500 to a four-month high, with disappointing Chinese trade data advancing hopes for further moves to bolster the global economy.

After a 70-point drop, the Dow Jones Industrial Average ended up 42.76 points, or 0.3%, at 13,207.95, led by Hewlett-Packard Co.

FCPO Related News

Malaysian crude palm oil futures ended off an 8-week low on Friday, and posted a fifth straight weekly loss with traders positioning ahead of a key report by the U.S. Department of Agriculture (USDA) later in the day. FCPO October contract reached a low of  2844 but swiftly recovered to 2882 by Friday's close.

Soybean futures on the Chicago Board of Trade rose for a third day after the U.S. Department of Agriculture slashed its forecasts of U.S. 2012/13 soy production and ending stocks, traders said. However, gains were limited by profit-taking and a fall in corn and wheat futures. Continued export demand from China also added support. USDA said private exporters sold 290,000 tonnes of U.S. soybeans to China for 2012/2013 delivery.

However, weather maps have turned more favourable next week which could help soybean conditions in the Corn Belt. A cooler and wetter pattern this week and next could relieve stress for much of the Midwest. A Kuala Lumpur-based trader added that prices could rebound to 3,200 in the coming weeks due to persistent weather-related supply risks to the U.S. Midwest soybean crop.  

Intertek data this morning were slightly bearish but SGS export numbers released Friday afternoon helped improve market sentiment, traders said. Malaysia's Aug 1-10 palm oil exports exports fell 1.8% from a month earlier to 357,372 tons while SGS data put Aug 1-10 exports at 354,614 tons, up 6.8% from the July 1-10 period. 

Malaysia's July palm oil exports fell 15% to 1.30 million tons, the Malaysian Palm Oil Board said Friday. July crude palm oil output rose 15% from June to 1.69 million tons while end-July palm oil stocks rose 18% from end- June to 2 million tons, the highest level since February, MPOB data showed.

Today's support is located around 2850 while resistance is pegged at 2914.

FCPO Related News

Malaysian crude palm oil futures recovered a little on Thursday from a near 8-week low hit the previous day, although traders remained cautious ahead of a slew of key industry reports that could stir more market volatility. (Reuters)

The industry data is due Friday but gains were capped by expectations that data will show that palm oil inventory levels in Jyly had risen to 1.88 to 2 million metric tons from 1.70 million in June due to low demand. July crop data by industry regulator, the Malaysian Palm Oil Board is also due Friday.

The key U.S. government report is expected to slash production estimates due to damage from the worst drought in 56 years. Oil futures rose on Thursday, with Brent gaining for the fifth straight session, lifted by stronger-than-expected economic data from the United States, a lower outlook for North Sea Brent production and persistent hopes for economic stimulus.

Further gains in the palm oil market will likely depend on unfavourable weather, where a developing El Nino weather event that is usually associated with warmer temperatures and limited rainfall could affect Palm Oil production in South East Asia.

FKLI October opened at 2,861 this morning, reached a high of 2874, but dropped sharply to 2847 by mid-day. For today, immediate support is located around 2,863 followed by 2,830 while resistance is pegged at 2,920.

FKLI Related News

The stock market languished on Thursday. Stocks darted between small gains and losses without much conviction either way.  The Dow Jones industrial average fell 10.45 points, or 0.08 percent, to 13,165.19. The Standard & Poor's 500 rose 0.58 points, or 0.04 percent, to 1,402.80. (Associated Press)

Malaysia’s shares ended higher Thursday on easing inflation in China which could give room for interest rate cut to further spur growth and on hopes for further action by European Central Bank to boost the global economy.  

FKLI August opened at 1639.5 this morning and closed lower at 1637.5 for the first session. Resistance is at around 1645.

FKLI related news

NEW YORK, Aug 8 (Reuters) - The Standard & Poor's 500 just barely extended a streak of gains to a fourth day on Wednesday, ending above 1,400 in another thinly traded session.
Expectations for stimulus from the European Central Bank and the U.S. Federal Reserve triggered the recent gains, but investors found little reason to keep pushing stocks higher after driving the market to three-month highs.

The FBM KLCI closed higher on Wednesday but its gains were capped as regional markets mostly paused while European markets retreated.

On the local front, Fitch Ratings said Malaysia faced rising negative fiscal pressures that may eventually offset existing credit strengths unless structural weaknesses in the public finances are addressed. In a report published on Wednesday, Fitch said Malaysia's trade openness and existing relatively high public debt stock would leave its credit profile exposed to a potentially sharp increase in public debt ratios in the event of an interest rate or growth shock, although this is not the agency's base case.

FKLI opened at 1639 yesterday and closed lower at 1635. Immediate Resistance was expected around 1645 yesterday.

FCPO related news

Malaysian crude palm oil touched its lowest in more than a week on Tuesday, as traders priced in wetter weather in the U.S. Midwest that eased concerns about further damage to new-crop oilseed supplies. (Reuters)

U.S. corn and soybean futures reversed course to end lower on Tuesday as investors took profits on updated weather forecasts for more rainfall in the Midwest farm belt, and on selling ahead of Friday's key government crop report detailing drought damage. Temperatures are expected to be cooler late this week  but may return to heat next week.

Some of the late-planted U.S soybean crop would benefit from the late summer turn to improved weather conditions. However, the ratings for each remained the worst since 1988 as the heat and dryness largely affected crop prospects. Tight global supplies mean soybean futures contracts have limited potential to fall up to January 2013 although they face temporary selling pressure after touching record levels, Hamburg-based oilseed analysts Oil World said on Tuesday. Oil prices jumped to a 12-week peak on Tuesday as falling North Sea output, support for more bond buying by the U.S. Federal Reserve and Middle East tensions lifted crude futures to a third straight higher settlement. 

With the market travelling sideways for at least 4 trading days, this is an indication of forthcoming explosive breakout which is likely to be downside . To achieve this, the benchmark August need to breach below previous low or major support level around 2,880 level. FCPO October contract closed sharply lower yesterday at 2,863.